Down 24.3% in 4 Weeks, Here's Why You Should You Buy the Dip in Array Technologies (ARRY)

Core Viewpoint - Array Technologies, Inc. (ARRY) is experiencing significant selling pressure, with a 24.3% decline over the past four weeks, but is now positioned for a potential trend reversal as it enters oversold territory, supported by positive earnings forecasts from Wall Street analysts [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold conditions, with a reading below 30 typically indicating that a stock is oversold [2]. - ARRY's current RSI reading is 27.91, suggesting that the heavy selling pressure may be exhausting itself, indicating a potential trend reversal [5]. Group 2: Fundamental Analysis - There is strong consensus among sell-side analysts that ARRY will report better earnings than previously predicted, with a 2% increase in the consensus EPS estimate over the last 30 days [7]. - An upward trend in earnings estimate revisions is generally associated with price appreciation in the near term, further supporting the potential for a turnaround in ARRY's stock price [7]. Group 3: Analyst Ratings - ARRY holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a near-term turnaround [8].