Array Technologies Inc. (ARRY), a leading manufacturer of solar tracking systems, faced a significant plummet of -16.43% in its stock price on November 6, 2024. This sharp decline can be attributed to concerns over potential changes in government policies and incentives for the renewable energy sector following the victory of former President Donald Trump in the U.S. presidential election.
During his previous administration, Trump prioritized fossil fuels over green energy and took steps to roll back environmental regulations and clean energy incentives. Investors fear that similar actions could be taken in his new term, negatively impacting renewable energy companies like Array Technologies.
According to industry analysts, if Trump scales back solar tax credits, the Inflation Reduction Act, and other green energy initiatives implemented by the current administration, it could create downward pressure on the renewables sector. This uncertainty has likely contributed to the significant drop in Array Technologies' stock price.
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