Unusual Call Option Trade in Array Technologies Worth $109.21K

On May 9, 2023 at 11:55:23 ET an unusually large $109.21K block of Call contracts in Array Technologies (ARRY) was bought, with a strike price of $20.00 / share, expiring in 10 day(s) (on May 19, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.10 sigmas above the mean, placing it in the 96.26th percentile of all recent large trades made in ARRY options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 542 funds or institutions reporting positions in Array Technologies. This is an increase of 50 owner(s) or 10.16% in the last quarter. Average portfolio weight of all funds dedicated to ARRY is 0.26%, a decrease of 0.16%. Total shares owned by institutions increased in the last three months by 1.51% to 169,661K shares. The put/call ratio of ARRY is 0.63, indicating a bullish outlook.

Analyst Price Forecast Suggests 48.20% Upside

As of April 24, 2023, the average one-year price target for Array Technologies is 27.65. The forecasts range from a low of 17.17 to a high of $36.75. The average price target represents an increase of 48.20% from its latest reported closing price of 18.66.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Array Technologies is 1,961MM, an increase of 19.75%. The projected annual non-GAAP EPS is 1.00.

What are Other Shareholders Doing?

Norges Bank holds 7,118K shares representing 4.72% ownership of the company. In it’s prior filing, the firm reported owning 0K shares, representing an increase of 100.00%.

Frontier Capital Management Co holds 6,527K shares representing 4.33% ownership of the company. In it’s prior filing, the firm reported owning 5,312K shares, representing an increase of 18.61%. The firm increased its portfolio allocation in ARRY by 33.06% over the last quarter.

Invesco holds 5,243K shares representing 3.48% ownership of the company. In it’s prior filing, the firm reported owning 6,230K shares, representing a decrease of 18.81%. The firm decreased its portfolio allocation in ARRY by 10.71% over the last quarter.

Blackstone Group holds 5,045K shares representing 3.34% ownership of the company. No change in the last quarter.

BNP Paribas Asset Management Holding holds 5,026K shares representing 3.33% ownership of the company. In it’s prior filing, the firm reported owning 3,068K shares, representing an increase of 38.95%. The firm increased its portfolio allocation in ARRY by 4.54% over the last quarter.

Array Technologies Background Information
(This description is provided by the company.)

Array Technologies is a leading global technology company providing tracker solutions and services for utility-scale solar energy projects as one of the world’s largest manufacturers of ground-mounted systems. With efficient installation and terrain flexibility coupled with high reliability, durability, and performance, Array delivers a lower levelized cost of energy. The Company’s focus on innovation, combined with its customer-centric approach, has helped achieve some of the industry’s best returns. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia.

See all Array Technologies regulatory filings.

This article originally appeared on Fintel

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