Array Technologies Inc. (ARRY), a leading manufacturer of solar tracking systems, experienced a significant stock price plummet of -22.32% on November 6, 2024. This sharp decline was driven by 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. With his return to the White House, there are fears that similar actions could be taken, which would negatively impact renewable energy companies like Array Technologies.
Analysts warn that 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 Array Technologies' significant stock price plummet, as investors worry about the potential impact on the company's business and growth prospects.
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