Utility-scale solar tracker technology provider Array Technologies (NASDAQ: ARRY) recently revealed that it has entered into an agreement with the Gemini Solar project to supply nearly 1GW of DuraTrack HZ v3 single-axis solar trackers.
Following the news, shares of the company rose more than 9% to close at $12 on Monday.
The project, which will be located at the Bureau of Land Management (BLM) land in Overton, NV, will store over 1.4 GWh of solar power and is estimated to be worth more than $1 billion.
The Gemini Solar project will use an energy management system to operate intelligently and discharge energy only when demand is high and supply is low, making it operationally efficient.
Management Commentary
The Chief Revenue Officer at Array Technologies, Travis Rose, said, “Project Gemini is historic for its size and scale, and we are well-positioned to optimize it for maximum energy generation while limiting installation time, LCOE and maintenance requirements.”
Stock Rating
Rcently, Colliers Securities analyst Donovan Schafer CFA reiterated a Buy rating on the stock with a price target of $23, which implies upside potential of 93% from current levels.
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on four Buys and four Holds. ARRY's average price target of $21.43 implies that the stock has upside potential of 79.8% from current levels. Shares have declined 57.8% over the past year.
News Sentiment
News Sentiment for ARRY is Neutral based on three articles over the past seven days. 50% of the articles have Bullish sentiment, compared to the sector average of 64%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
