Guggenheim downgraded Array Technologies, Inc. (NASDAQ: ARRY) from “Buy” to “Neutral” following the election outcome.
ARRY reported quarterly earnings of $0.17 per share, beating the Zacks Consensus Estimate of $0.14 per share.
The company achieved a revenue of $231.4 million and a gross margin of 33.8%, with an adjusted gross margin of 35.4%.

Array Technologies, Inc. (NASDAQ: ARRY) is a prominent player in the solar energy sector, specializing in utility-scale solar tracking systems. On November 7, 2024, Guggenheim downgraded ARRY from a “Buy” to a “Neutral” rating, with the stock priced at $7.47. This downgrade was part of a broader reassessment of clean energy companies following the election outcome.

Despite the downgrade, ARRY’s recent financial performance shows resilience. The company reported quarterly earnings of $0.17 per share, surpassing the Zacks Consensus Estimate of $0.14 per share. However, this is a decrease from the previous year’s $0.21 per share, indicating a year-over-year decline in earnings. This performance underscores ARRY’s ability to exceed market expectations.

In the third quarter of 2024, ARRY achieved a revenue of $231.4 million and a gross margin of 33.8%, with an adjusted gross margin of 35.4%. Despite these strong figures, the company reported a net loss to common shareholders of $155.4 million. This loss includes a significant $162 million non-cash goodwill impairment charge related to the 2022 acquisition of STI.

The stock is currently priced at $6.20, reflecting a 4.38% increase with a price change of $0.26. It has fluctuated between $5.95 and $6.37 today. Over the past year, ARRY’s stock has seen a high of $20.15 and a low of $5.56. The company’s market capitalization is approximately $942 million, with a trading volume of 19.2 million shares.