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Why Did Array Technologies' Stock Plummet Today?

Array Technologies, Inc. (NASDAQ: ARRY) shares are trading lower after the company reported worse-than-expected EPS results. The company also reported it’s unable to affirm previously provided guidance for 2021.

Array Technologies reported quarterly earnings of $0.19 per share, which missed the analyst consensus estimate of $0.20. The company reported quarterly sales of $245.90 million, which beat the analyst consensus estimate of $240.83 million.

Several analysts also downgraded their recommendations on the stock following the company’s earnings report.

Array Technologies manufactures and supplies solar tracking systems and related products for customers in the United States and internationally.

Array Technologies’ stock was trading 40% lower at $14.90 at the time of publication. The stock has a 52-week high of $54.78 and a 52-week low of $14.74.

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