Is Array Technologies Stock a Top Buy on the Dip in 2024?
The second half of 2023 was the end of the solar energy party. After several years of solid growth, boosted by the initial effects of legislation -- like the U.S. Inflation Reduction Act (IRA) -- aimed at boosting renewable energy sources, the solar market hit the skids. Higher interest rates (which make financing a bit harder) and an excess supply of various industrial components have sent solar companies into a slump. It's unclear how long this downturn will last. One previous investor darling, Array Technologies (NASDAQ: ARRY), has been hit particularly hard, and it remains down over 50% from its peak shortly after its late 2020 IPO.
That certainly doesn't mean long-term solar growth is over, though. Indeed, the next round of expansion could be right around the corner. Is it time to buy the dip in select stocks like Array Technologies?
Array's specialty is in solar trackers. As the name implies, solar trackers are the base infrastructure that solar panels (or reflectors, mirrors, etc.) are mounted to. They are installed on the ground and equipped with motor drives to continuously orient solar equipment toward the sun as it moves through the sky throughout the day.
Source Fool.com
