Why Array Technologies Stock Is Falling
Portfolio Pulse from Erica Kollmann
Array Technologies (NASDAQ:ARRY) reported Q3 earnings of $0.21 per share, beating estimates by 75%, but missed revenue estimates with $350.44 million, a decrease of 31.96% YoY. The company also issued lower full-year revenue guidance. Goldman Sachs analyst Brian Lee maintained a Buy rating but lowered the price target from $36 to $31. ARRY shares are down by more than 17%.
November 08, 2023 | 6:48 pm
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NEGATIVE IMPACT
Array Technologies missed Q3 revenue estimates and issued lower full-year guidance, causing a drop in share price.
Array Technologies reported lower than expected Q3 revenue and issued lower full-year guidance, which is likely to negatively impact investor sentiment and cause a drop in the share price. Additionally, Goldman Sachs lowered the price target for the stock, further contributing to the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100