Array Technologies stock jumped 20%: explore why

Array Technologies Inc (NASDAQ: ARRY) stock is up nearly 20% in the premarket this morning on solid Q4 revenue. The U.S. firm also named its new CEO last night.

Q4 results

• Net loss printed at $21.9 million versus the year-ago figure of $9.77 million.
• Per-share loss stood at 25 cents, an increase from last year’s 8 cents.
• Revenue jumped 22% year-over-year to $219.9 million in fiscal Q4.
• FactSet consensus was for 10 cents of per-share loss on $213.8 million in revenue.

New CEO

Array Technologies also named Kevin Hostetler as its new CEO. He is set to take the helm on April 18^th and has previously served as the chief executive of Rotork. The stock is still down nearly 25% year-to-date.

Also on Wednesday, Guggenheim upgraded ARRY to buy with a price target of $18 that represents a 45% upside from here.

Future outlook

For fiscal 2022, Array Technologies forecasts revenue to fall between $1.45 billion and $1.75 billion. This compares to analysts at $1.39 billion. The solar tracker company expects up to $210 million of adjusted EBITDA this year. In the earnings press release, CEO Jim Fusaro said: