Why Shares of Array Technologies Plunged 20% in March
After dropping 14% through the first two months of 2021, shares of Array Technologies (NASDAQ: ARRY), a manufacturer of tracking systems for utility-scale solar projects, failed to warm up in March. The stock plummeted 20%, according to data provided by S&P Global Market Intelligence.
Although the company had some sunny news when it reported fourth-quarter 2020 earnings and shared 2021 guidance, the excitement was short-lived. Investors responded more to the gray clouds of Wall Street sounding a wave of bearish sentiment about the company announcing a secondary stock offering.
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Source Fool.com