Array Technologies Inc (ARRY)

Shares of Array Technologies (ARRY) dropped by 17.62% from $18.22 to $15.01 in the trading on Wednesday, Novemeber 8, 2023. The reasons why ARRY down include disappointing Q3 results and lower outlook.

• Q3 results: While the company beat earnings expectations with $0.21 per share (compared to the estimated $0.13), it missed revenue forecasts with $350.4 million (versus an expected $377 million). The revenue decline was due to a 22% reduction in shipped megawatts and a 12% drop in average selling price.
• FY 2023 Outlook: Array Technologies lowered its full-year 2023 revenue outlook to $1.525 billion-$1.575 billion and adjusted earnings per share guidance to $1-$1.05 due to "short-term delays in project timing."

Array Technologies, Inc. (ARRY) dropped by 7.38% from $20.33 to $18.83 in the trading on Thursday October 5, 2023. The reason why ARRY stock down is due to the solar sector broad selloff. Truist analyst Jordan Levy said the solar sector had been suffering broad weakness from recently renewed investor concerns that interest rates would stay "higher for longer". The investor's sentiment is the reason why ARRY stock going down today.