The hottest sector over the past year has been energy, but one part of that sector has trailed the oil complex in a massive way. The top solar stocks, which just a few years ago were some of the hottest on Wall Street, have been absolutely eviscerated over the past year and a half. That may offer aggressive growth investors a shot at some incredible gains.
The analysts at Goldman Sachs who cover solar energy recently made some very necessary target price cuts on some of the leading companies. For aggressive investors looking to bottom fish and catch some huge bargains at outstanding entry points, now may be the time.
We screened the target price changes, which all were at least 10%, and found five very well-known Buy-rated stocks with massive upside to the Goldman Sachs price objectives. It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decisions.
This company is still sometimes confused with a biotech with a similar name that Pfizer bought in 2019. Array Technologies Inc. (NASDAQ: ARRY) provides solar tracking solutions and services for utility-scale projects. Its products include DuraTrack HZ v3, a single-axis solar tracking system, and SmarTrack, a machine learning software that automatically adjusts module angles in response to weather and site conditions.
This stock had a red-hot initial public offering last year. Shares charged out of the gate, as the first trade was 34% above where the upsized IPO was priced. A total of 47.5 million shares were sold in the offering, as the maker of ground-mounting systems used in solar energy projects sold 7 million shares to raise $154 million and a selling shareholder sold 40.5 million shares.
Since then, Array Technologies stock has crashed and is offering investors an incredible entry point.
Goldman Sachs cut its $24 target price to $20, while the analysts’ consensus target is $23. Hitting the Goldman Sachs target would be almost a 90% gain, as the shares closed on Tuesday at $10.89. That was up over 3% for the day.
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