Yahoo Finance Why Array (ARRY) Shares Are Falling Today
What Happened:
Shares of solar tracking systems manufacturer Array (NASDAQ:ARRY) fell 24.9% in the afternoon session after the company reported second quarter earnings results. Its full-year revenue guidance missed and its EBITDA guidance for the full year fell short of Wall Street's estimates. On the other hand, revenue and EPS came in ahead of analysts' expectations during the quarter. Overall, this was a weaker quarter for the company, given the lowered guidance.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Array? Access our full analysis report here, it's free.
What is the market telling us:
Array's shares are very volatile and over the last year have had 40 moves greater than 5%. But moves this big are very rare even for Array and that is indicating to us that this news had a significant impact on the market's perception of the business.
Array is down 59.3% since the beginning of the year, and at $6.90 per share it is trading 73.8% below its 52-week high of $26.32 from September 2023. Investors who bought $1,000 worth of Array's shares at the IPO in October 2020 would now be looking at an investment worth $189.16.
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