10 Best Single Digit Stocks To Buy Now

3. Array Technologies, Inc. (NASDAQ:ARRY)

Share Price as of December 27: $6.03

Number of Hedge Fund Holders: 36

Array Technologies, Inc. (NASDAQ:ARRY) specializes in round-mounting tracking systems used in solar energy projects. The company collaborates with large-scale developers and has established itself as a trusted partner for solar developers worldwide.

ARRY has been investing in product innovation to stay ahead of the market and meet consumer demand. In September 2024, the company announced the development of 77-degree stow capabilities for its tracker systems, which will offer unprecedented protection from extreme weather conditions such as hail and wind.

Earlier in the year in August, Array Technologies, Inc. (NASDAQ:ARRY) unveiled SkyLink, an eight-row string-powered solution that builds on the capabilities of DuraTrack and OmniTrack. It features DC motors, ZigBee wireless communications, and a suite of SmarTrack features.

On November 7, Array Technologies, Inc. (NASDAQ:ARRY) announced financial results for the third quarter of 2024. Revenue was recorded at $231.4 million, which fell within the upper half of the guidance, but was down 34% year-over-year, driven by project pushouts and declining volume and ASPs compared to last year.

Adjusted gross margin stood at 35.4%, improving 900 basis points year-over-year. Adjusted EBITDA was at $46.7 million, or 20.2% of the revenue. Net loss for the quarter was $155.4 million, largely due to a non-cash goodwill impairment charge. ARRY ended Q3 with a strong cash balance of $332 million, with $43.9 million of free cash flow generated during the quarter. Its order book remained consistent at $2 billion.

Array Technologies, Inc. (NASDAQ:ARRY) is expanding its international presence. It is seeing success in Brazil and has set eyes on targeting growth in Europe. Wall Street analysts are bullish on the stock, with a consensus Buy rating and an average share price upside potential of 87%. According to Insider Monkey’s database for Q3 2024, 36 hedge funds held a stake in the company, making it one of the best single digit stocks to buy now.