6 Cheap Solar Stocks to Buy Now

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

On February 26, Baird trimmed the price target on Array Technologies, Inc. (NASDAQ:ARRY) to $10 from $11 and reiterated a Neutral rating. According to TheFly, this downward price revision comes as the firm adjusted its model to better reflect the company’s mixed fourth-quarter performance.

On the other hand, Deutsche Bank downgraded Array Technologies, Inc. (NASDAQ:ARRY) to Hold from Buy and lowered the price target from $11 to $9 on February 25. In its analysis, the bank cited weaker adjusted EBITDA guidance and margin profile.

In the fourth quarter, Array Technologies, Inc. (NASDAQ:ARRY) delivered a revenue of $226 million, slightly above forecasts, and an adjusted loss per share of $0.01, missing the consensus estimate of $0.0013. Deutsche Bank highlighted that the management appeared optimistic during the earnings call, with a supportive environment expected for the latter half of the year.

For the quarters ahead, Array Technologies, Inc. (NASDAQ:ARRY) anticipates meaningful improvements in EPS as it continues working toward product mix expansion and DuraTrack platform enhancements. The company expects EPS of $0.19 in the first quarter and $0.27 in the subsequent quarter.

Array Technologies, Inc. (NASDAQ:ARRY) is a New Mexico-based provider of solar tracking technology products with two main segments: Array Legacy Operations and STI Operations. Incorporated in 1987, the company offers single-axis trackers, a dual-row tracker system, and a photovoltaic-powered control tracker system.