IPO Stock Of The Week pick solar leader Array Technologies (ARRY) is breaking out past its latest buy point. The IPO Leader is one of the top IPO stocks to buy and watch in today’s stock market.
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IPO Stocks To Buy And Watch: Array
Array designs and manufactures solar tracking systems. These allow ground-mounted solar panels to rotate and follow the sun throughout the day.
On Nov. 9, ARRY stock surged 13.5% after the company reported earnings of 18 cents per share on revenue of $515 million. Analysts had expected Array to report earnings of 9 cents on revenue of $398.5 million. Revenue rocketed 173% higher from the year-ago quarter.
Array Technologies is just one of the solar stocks breaking out past new buy points in the current stock market rally. IBD Leaderboard stock Enphase Energy (ENPH) has been testing a cup-with-handle base’s 316.97 buy point for almost three weeks now.
Meanwhile, industry leader First Solar (FSLR) is already at new highs, while Shoals Technologies (SHLS) is extended past a 28.57 buy point.
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Array Stock Breaks Out
ARRY stock broke out past a 22.40 buy point in a cup with handle this week, according to IBD MarketSmith chart analysis. Shares rallied 1.7% Friday, finishing the week at the top of the 5% chase zone that goes up to 23.52.
Bullishly, the relative strength line hit a new high on the breakout day, confirming the solar stock as an IPO stock to buy and watch. This line is a key technical indicator, measuring price performance vs. the S&P 500. Array stock also boasts a perfect 99 IBD Composite Rating, according to the IBD Stock Checkup.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the stock market.
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Source: https://www.investors.com/stock-lists/ipo-analysis/ipo-stock-of-the-week-heats-up-as-solar-leader-array-technologies-breaks-out-past-new-buy-point/?src=A00220&yptr=yahoo