What happened
Shares of Array Technologies (ARRY 4.59%) jumped 23.7% in November, according to data provided by S&P Global Market Intelligence, on a string of positive news. But investors gave back those gains and slightly more in the first week of trading after Array announced a share offering.
So what
Third-quarter 2020 revenue was $139.5 million and net loss for the quarter was $7.2 million, or $0.06 per share. Adjusted net income was $0.07 per share.
Image source: Getty Images.
There were a couple of significant contract signings as well. Array announced that Lightsource bp agreed to a 1.4 GW deal, following a 1.5 GW, $100 million deal signed in December 2019. RP Construction Services also announced a 1 GW purchase agreement for single-axis trackers.
Now what
The hope for investors is that contracts like this will keep Array Technologies growing long term. And it didn't hurt that solar stocks overall were moving higher in November, creating a tailwind for Array Technologies.
Shares did fall early in December because of a big share offering. Array Technologies sold 36.7 million shares to investors at $35 per share in a deal that closed Monday, Dec. 7. That dilution caused the recent drop in shares, giving up all of November's gains.
