Signal Says Solar Stock Due for a Bounce

Buy the dip on solar technologies stock ARRY

Deputy Editor
Jun 20, 2023 at 3:05 PM
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Solar tracking name Array Technologies Inc (NASDAQ:ARRY) has been slipping since its 52-week high of $24.99 in May 23, though still up 10.4% year-to-date. The pullback could soon be over, if past is precedent, as the stock has come in contact with a historically bullish trendline. 

Per Schaeffer's Senior Quantitative Analyst Rocky White, ARRY is trading within one standard deviation of its 160-day moving average of its 160-day moving average for the third time in the past three years. The stock was higher after both of the past signals, averaging a large 24.5% return. 

ARRY June20

It's also worth noting that short interest represents 13.8% of the stock's available float. It would take nearly five days for shorts to cover their bets, at ARRY's average pace of trading. 

 

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