Long Position on ARRY @ $22.50 on 5/18/2023 (Momentum)

Array Technologies, Inc. (ARRY) manufactures and sells ground-mounting tracking systems used in solar energy projects in the United States, Spain, Brazil, Australia, and internationally. 

The company operates in two segments, Array Legacy Operations and STI Operations.

Its products include DuraTrack HZ v3, a single axis tracker; Array STI H250 to deliver a lower levelized cost of energy with tracker system; Array OmniTrack; and SmarTrack, a software product that uses site-specific historical weather and energy production data in combination with machine learning algorithms to identify the optimal position for a solar array in real time to enhance its energy production. 

Shares have formed a bullish "flag" following its latest quarterly report. On May 8th, ARRY reported 1st Quarter March 2023 earnings of $0.23 per share on revenue of $376.8 million. The consensus earnings estimate was $0.01 per share on revenue of $322.2 million.  Revenue grew 25.3% on a year-over-year basis.

Entry Point: $22.50

Stop Loss: $21.00

Trading Range: $7.02 to $24.59

Target Price: $25.00

Updates

5/23/2023 12:14:05 PM

ARRY closed at $24.99

Position closed on 5/23/2023 at price of $24.99 with a 11.07% gain in 5 days.

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