Why Array Technologies Stock Jumped Today
Shares of Array Technologies (NASDAQ: ARRY) jumped higher today, up by 10% as of 3:10 p.m. EST, after the company reported third-quarter earnings. This was Array's first earnings release as a public company following its IPO last month. It does not yet have coverage from Wall Street analysts, since it went public just a few weeks ago.
Revenue in the third quarter was $139.5 million, which resulted in adjusted net income of $8.8 million, or $0.07 per share. The solar tracking company reported adjusted EBITDA of $16.6 million. The company raised $140.2 million in net proceeds from its upsized offering. The strong investor demand for the IPO had led analysts to upgrade Flex, which has a similar solar tracking division.
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Source Fool.com
