$3 Billion Hedge Fund’s Top 10 Stock Bets

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

Return since Q1 End: -30.0%

Array Technologies, Inc. (NASDAQ:ARRY) is a specialized solar power equipment firm that makes and sells trackers that help solar panels maintain their skyward orientation.  According to the company’s website, it has generated 194,060 MW of clean energy and has offset 17 million MT of carbon dioxide in the U.S. Around 10 Wall Street analysts over the past three months, have a consensus rating of “Moderate Buy” on the stock. The average price target of $19.61 has an upside of 37.37% to the stock’s current price of $14.28 as of March 21.

According to the Regulatory filings, Cinctive Capital Management owned 1.8 million shares in Array Technologies, Inc. (NASDAQ:ARRY) at the end of the first quarter of 2024 worth over $27 million, representing 1.28% of the portfolio. Among the hedge funds being tracked by Insider Monkey, Hill City Capital is a leading shareholder in Array Technologies, Inc. (NASDAQ:ARRY) with over 11 million shares worth $168 million.

 Array Technologies, Inc. (NASDAQ:ARRY)’s CEO, Kevin Hostetler, stated the following in the Q1 2024 Earnings Call,

“As a reminder, starting this quarter, we are reporting gross margins inclusive of the benefits derived from 45X, which to-date only reflects the contribution from domestic content related to our torque tube. Having said that, our core adjusted gross margin, excluding 45X benefits, would have been in the mid-20s range for the quarter, which is consistent with our underlying long-term target. We delivered $26.2 million of adjusted EBITDA, representing 17.1% of revenue, inclusive of the $4 million benefit mentioned earlier. And we generated $45.1 million of free cash flow to end the quarter with a cash balance of $288 million. Total available liquidity was approximately $465 million, when including the capacity on our undrawn revolving credit facility.”