Why Array Technologies Stock Crashed in 2021
Shares of Array Technologies (NASDAQ: ARRY) tumbled 63.8% in the first six months of 2021. But the story of that drop can mostly be told from one day -- after the manufacturer of ground-mounting systems used in large solar energy projects reported earnings.
Array's stock plunged 46% the day after it released its first-quarter earnings for the period ended March 31, 2021. Disruption from the pandemic impacted the company's results.
Array CEO Jim Fusaro addressed why earnings were lower than Array's internal expectations, noting "higher than expected logistics costs." But uncertainty looking ahead is what caused investors to sell in droves.
Source Fool.com
