Truist Securities Upgrades Array Technologies (ARRY)

On March 28, 2023,
Truist Securities
upgraded
their outlook for Array Technologies (NASDAQ:ARRY) from Hold to Buy.

Analyst Price Forecast Suggests 40.06% Upside

As of March 28, 2023,
the average one-year price target for Array Technologies is $27.48.
The forecasts range from a low of $16.16 to a high of $36.75.
The average price target represents an increase of 40.06% from its latest reported closing price of $19.62.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Array Technologies
is $1,961MM, an increase of 19.75%.

The projected annual non-GAAP EPS
is $1.00.

What are Large Shareholders Doing?

Norges Bank
holds 7,118K shares

representing 4.72% ownership of the company.

In it’s prior filing, the firm reported owning 0K shares, representing
an increase
of 100.00%.

Frontier Capital Management Co
holds 6,527K shares

representing 4.33% ownership of the company.

In it’s prior filing, the firm reported owning 5,312K shares, representing
an increase
of 18.61%.

The firm

increased

its portfolio allocation in ARRY by 33.06% over the last quarter.

Invesco
holds 5,243K shares

representing 3.48% ownership of the company.

In it’s prior filing, the firm reported owning 6,230K shares, representing
a decrease
of 18.81%.

The firm

decreased

its portfolio allocation in ARRY by 10.71% over the last quarter.

Blackstone Group
holds 5,045K shares

representing 3.35% ownership of the company.

No change in the last quarter.

Electron Capital Partners
holds 4,545K shares

representing 3.01% ownership of the company.

In it’s prior filing, the firm reported owning 5,104K shares, representing
a decrease
of 12.29%.

The firm

decreased

its portfolio allocation in ARRY by 3.44% over the last quarter.

What is the Fund Sentiment?

There are 533 funds or institutions reporting positions in Array Technologies.

This is an increase
of
51
owner(s) or 10.58% in the last quarter.

Average portfolio weight of all funds dedicated to ARRY is 0.32%,
an increase
of 19.58%.

Total shares owned by institutions increased
in the last three months by 0.93% to 167,360K shares.

The put/call ratio of ARRY is 0.61, indicating a

bullish
outlook.

Array Technologies Background Information
(This description is provided by the company.)

Array Technologies is a leading global technology company providing tracker solutions and services for utility-scale solar energy projects as one of the world’s largest manufacturers of ground-mounted systems. With efficient installation and terrain flexibility coupled with high reliability, durability, and performance, Array delivers a lower levelized cost of energy. The Company’s focus on innovation, combined with its customer-centric approach, has helped achieve some of the industry’s best returns. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia.

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.