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ARRY · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Array Technologies, Inc. Common Stock (ARRY) stock moving?
ARRY rallied from about $3.30 on Oct 22 to a $5.96 intraday high on Nov 4, the day it reported Q3 results and announced an all-stock merger with Shoals (SHLS). Volume jumped from roughly 6 million shares a day to 59.4 million that session and has stayed elevated (13.8 million on Nov 10), so the move drew heavy trading. Q3 revenue of $330.2M beat the $322.7M estimate and the record $2.6B orderbook (up 42% year over year, 1.6x book-to-bill) supports demand, but adjusted EPS of $0.06 missed the $0.09 estimate and management tied the updated full-year guidance to delivery timing. The merger would leave Shoals holders with about 65% of the combined company, which dilutes ARRAY holders, while $317.5M of preferred stock must be redeemed, with $161.3M due within 90 days of closing. Since the Nov 4 peak the stock has faded: it closed at $5.19 on Nov 9 and fell 8.9% to $4.73 on Nov 10 on a $4.68 intraday low. Analyst price targets are mixed: RBC at $6 and Guggenheim at $6 (Buy) sit above the price, while UBS ($5.50) and Piper ($5) are Neutral and Deutsche ($4.60) is Hold, and the recent target raises came from Neutral-rated firms. A Halper Sadeh investigation into the merger was announced Nov 10, which adds governance noise but is not a lawsuit. The shares are still well above the pre-announcement level, so much of the merger news appears priced in. The outcome now depends on closing, shareholder approval, and execution on the orderbook.
News behind the analysis
- Array Technologies and Shoals Technologies Group Announce Definitive Merger AgreementARRAY and Shoals agreed to a stock-for-stock merger, with Shoals holders receiving 1.6931 ARRAY shares per share and owning about 65% of the combined company. Preliminary pro forma 2027 revenue is $2.2B to $2.4B and Adjusted EBITDA is $410M to $480M.
- Array Technologies Reports Third Quarter 2026 Financial ResultsQ3 2026 revenue was $330.2M with gross margin of 21.0% and Adjusted EBITDA of $32.1M. The company reported a record $2.6B orderbook, up 42% year over year, and a trailing twelve-month book-to-bill of 1.6x.
- Array Technologies Q3 Adj. EPS $0.06 Misses $0.09 Estimate, Sales $330.212M Beat $322.724M EstimateAdjusted EPS of $0.06 missed the $0.09 estimate, while sales of $330.2M beat the $322.7M estimate. Updated full-year guidance reflects timing shifts in certain project deliveries.
- ARRAY Technologies To Redeem $317.5M Of Series A Preferred Stock In Connection With Shoals Merger, Including $161.3M Within 90 Days Of CloseARRAY committed to redeem $317.5M of Series A Perpetual Preferred Stock tied to the merger. $161.3M is due within 90 days of closing, and the remaining $156.3M is due in 2028, 2029 and 2030.
- Deutsche Bank Adjusts Array Technologies Price TargetDeutsche Bank lowered its ARRY price target to $4.60 from $4.70 and kept a Hold rating.
- RBC Raises Price Target on Array Technologies to $6RBC Capital Markets raised its ARRY price target to $6 from $5 and kept a Sector Perform rating.
- RBC Capital Maintains Sector Perform on Array Technologies, Raises Price Target to $6RBC Capital kept a Sector Perform rating on ARRY and raised its price target to $6.
- Piper Sandler Maintains Neutral on Array Technologies, Raises Price Target to $5Piper Sandler kept a Neutral rating on ARRY and raised its price target to $5.
- UBS Adjusts Price Target on Array Technologies to $5.50UBS raised its ARRY price target to $5.50 from $5.00 and kept a Neutral rating.
About Array Technologies, Inc. Common Stock
Array Technologies is an Albuquerque-based company best known for its solar trackers, the motorized mounts that turn large solar panel fields to follow the sun, mainly for utility-scale solar farms. It is expanding into foundations (APA), wire management (it bought Affordable Wire Management in 2026), software and services, and in November 2026 it announced a stock-for-stock merger with fellow solar supplier Shoals Technologies.
How it makes money
Most of its revenue comes from selling tracker systems such as DuraTrack, plus fixed-tilt racking, to developers and construction contractors building solar plants in the US and abroad. Smaller amounts come from foundation products, wire management, software and field services. Revenue depends on when projects are delivered, which can make it uneven from quarter to quarter. In Q3 2026 the company cut its full-year 2026 revenue guidance to roughly $1.34–1.40 billion, citing delays in project timing. Its orderbook of signed contracts and awarded orders was a record of about $2.6 billion.
What usually moves ARRY
- Utility-scale solar build-out and project timing
- US clean-energy tax credits, tariffs and trade policy
- Steel prices and gross margins
- Orderbook growth and quarterly guidance
- Completion of the Shoals merger