Spotlight on Array Technologies: Analyzing the Surge in Options Activity

Financial giants have made a conspicuous bearish move on Array Technologies. Our analysis of options history for Array Technologies ARRY revealed 8 unusual trades.

Delving into the details, we found 37% of traders were bullish, while 62% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $286,921, and 4 were calls, valued at $353,532.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $17.5 to $22.5 for Array Technologies over the last 3 months.

Analyzing Volume & Open Interest

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Array Technologies's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Array Technologies's substantial trades, within a strike price spectrum from $17.5 to $22.5 over the preceding 30 days.

Array Technologies Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
ARRY CALL SWEEP BEARISH 05/17/24 $22.50 $172.6K 782 1.1K
ARRY PUT SWEEP BEARISH 01/19/24 $17.50 $123.5K 6.4K 61
ARRY PUT SWEEP BULLISH 01/19/24 $17.50 $72.5K 6.4K 1.1K
ARRY CALL SWEEP BULLISH 01/19/24 $17.50 $72.1K 15.8K 520
ARRY CALL SWEEP BEARISH 01/19/24 $20.00 $67.0K 9.9K 53

About Array Technologies

Array Technologies Inc manufacturer of ground-mounting systems used in solar energy projects. The company's product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers referred to as a single-axis tracker that move solar panels throughout the day to maintain an optimal orientation to the sun, which increases their energy production. Its operations are in the United States, Australia, Spain, Brazil and Rest of the World with the United States deriving the majority of the revenue.

After a thorough review of the options trading surrounding Array Technologies, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Where Is Array Technologies Standing Right Now?

  • Currently trading with a volume of 4,234,761, the ARRY's price is down by -1.32%, now at $16.51.
  • RSI readings suggest the stock is currently may be approaching overbought.
  • Anticipated earnings release is in 97 days.

Expert Opinions on Array Technologies

Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $19.0.

  • In a cautious move, an analyst from Mizuho downgraded its rating to Neutral, setting a price target of $19.
  • An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on Array Technologies, which currently sits at a price target of $19.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Array Technologies options trades with real-time alerts from Benzinga Pro.

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Date of Trade
Strike Price
Posted In: OptionsMarketsBZI-UOA
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