5 NASDAQ Stocks with Biggest Upside

4. Array Technologies, Inc. (NASDAQ:ARRY)

Average Analyst Price Target Upside: 71.54%

Number of Hedge Fund Holders: 32

Array Technologies, Inc. (NASDAQ:ARRY) is a New Mexico-based company that offers solar tracking and solar racking systems. The stock was held by 32 hedge funds and their total stakes amounted to $583.102 million in the fourth quarter of 2023. Hill City Capital has increased its stake in the company by 98% to 8.84 million shares worth $148.517 million, and is the largest shareholder as of the fourth quarter of 2023.

On February 27, Array Technologies, Inc. (NASDAQ:ARRY) posted its Q4 non-GAAP EPS of $0.21, which surpassed the analysts’ estimates by $0.10. In the quarter, the revenue was $341.6 million, which beat the estimates by $25.51 million.

On February 22, Array Technologies, Inc. (NASDAQ:ARRY) announced that it entered a partnership with Aluminum Products Company. Under the partnership, the companies would assist the expanding energy market in the Middle East.

23 Wall Street analysts have covered Array Technologies, Inc. (NASDAQ:ARRY), and 12 keep a Buy-equivalent rating on the stock. As of March 18, the average price target of $19.83 represents an upside of 71.54% from present levels.