Neil Manning, President and Chief Operating Officer of Array Technologies, Inc. (NASDAQ:ARRY), recently acquired 5,700 shares of the company’s common stock. The transaction, which took place on December 16, 2024, involved a purchase price of $5.21 per share, bringing the total value of the acquisition to approximately $29,697. This purchase comes as the stock trades near its 52-week low of $5.15, with InvestingPro data showing a significant 70% decline over the past year.
Following this transaction, Manning now holds a total of 29,366 shares directly. This move underscores Manning’s continued investment in the company, which specializes in manufacturing miscellaneous products. Array Technologies, headquartered in Albuquerque, New Mexico, currently has a market capitalization of $824 million and shows strong free cash flow yield. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment, with 14+ additional ProTips and a comprehensive Research Report available for subscribers.
In other recent news, Array Technologies, a global leader in solar tracking solutions, has reported significant developments. The company recently appointed H. Keith Jennings as its Chief Financial Officer, a move that comes at a pivotal time for Array. Jennings, who brings a wealth of experience from various industries, is expected to drive strategic growth and improve financial performance.
In terms of financial performance, Array Technologies reported third-quarter revenues of $231 million and an adjusted EBITDA of $47 million, both exceeding expectations. The company also announced the addition of Leonardo Serpa as General Manager and Héctor Sánchez as Vice President of Sales for its operations in Europe, the Middle East, and Africa (EMEA), as part of its expansion efforts.
Analysts have also weighed in on the company’s performance. Susquehanna Financial Group revised its stock price target for Array Technologies to $9, maintaining a positive rating, while BMO Capital Markets adjusted its price target to $8, maintaining a Market Perform rating.
Array Technologies also introduced new products, including a 77-degree tracker and SkyLink architecture, with expectations of strong double-digit growth in 2025. Despite challenges from an Anti-Dumping/Countervailing Duty investigation and election uncertainties, the company’s backlog remained consistent at around $2 billion. These are recent developments in the company’s operations and financial performance.
Despite a net loss primarily due to a noncash goodwill impairment charge, Array Technologies maintains a robust adjusted gross margin of 35.4%. The company’s $2 billion backlog is expected to cover approximately $1.3 billion of the forecasted revenue for the fiscal year 2025. The company is also targeting 100% domestic content capability by the first half of 2025.
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