Stocks To Buy And Watch: Solar Leader Array Technologies Breaks Out Past New Buy Point

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.




X



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.


Stock Market ETF Strategy And What To Do Next


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.

YOU MAY ALSO LIKE:

Top IPO Stocks To Buy And Watch

MarketSmith: Research, Charts, Data And Coaching All In One Place

Find The Best Long-Term Investments With IBD Long-Term Leaders

Looking For The Next Big Stock Market Winners? Start With These 3 Steps

How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks

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