Array Digital Infrastructure (NYSE:AD) Hits New 52-Week Low – Time to Sell?

Array Digital Infrastructure Inc. (NYSE:AD)’s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $35.01 and last traded at $34.9370, with a volume of 211171 shares trading hands. The stock had previously closed at $36.24.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Raymond James Financial lowered shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research report on Monday, May 11th. Royal Bank Of Canada lowered shares of Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 target price for the company. in a research report on Tuesday, May 12th. JPMorgan Chase & Co. reduced their target price on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Wall Street Zen downgraded shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Array Digital Infrastructure in a research note on Thursday, June 11th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $54.00.

Array Digital Infrastructure Stock Down 4.0%

The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50-day moving average price is $46.33 and its 200 day moving average price is $48.81. The stock has a market capitalization of $3.01 billion, a P/E ratio of 14.44 and a beta of 0.25.

Array Digital Infrastructure Dividend Announcement

The firm also recently declared a special dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were issued a dividend of $11.00 per share. The ex-dividend date of this dividend was Thursday, June 11th.

Hedge Funds Weigh In On Array Digital Infrastructure

Several large investors have recently made changes to their positions in AD. Dimensional Fund Advisors LP bought a new position in shares of Array Digital Infrastructure in the fourth quarter worth about $120,237,000. Jericho Capital Asset Management L.P. bought a new stake in Array Digital Infrastructure during the 4th quarter valued at approximately $97,366,000. Vanguard Group Inc. bought a new stake in Array Digital Infrastructure during the 4th quarter valued at approximately $76,634,000. Gamco Investors INC. ET AL purchased a new position in Array Digital Infrastructure in the 4th quarter worth approximately $51,720,000. Finally, Loomis Sayles & Co. L P bought a new position in Array Digital Infrastructure in the 4th quarter worth approximately $40,842,000. 18.03% of the stock is currently owned by hedge funds and other institutional investors.

About Array Digital Infrastructure

United States Cellular Corporation provides wireless telecommunications services in the United States. The company offers wireless services, including voice, messaging, and data services. It also provides devices, such as smartphones and other handsets, tablets, wearables, mobile hotspots, routers, and internet of things devices. In addition, the company offers various accessories, such as cases, screen protectors, chargers, and memory cards; and consumer electronics, including audio, home automation, and networking products; as well as offers option to purchase devices and accessories under installment contracts.