Array Digital Infrastructure (NYSE:AD) Given New $43.00 Price Target at Citigroup

Array Digital Infrastructure (NYSE:AD) had its price target decreased by Citigroup from $45.00 to $43.00 in a research note published on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. cut their price target on Array Digital Infrastructure from $54.00 to $45.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 19th. Weiss Ratings downgraded Array Digital Infrastructure from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, October 19th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $47.00.

Array Digital Infrastructure Stock Performance

Shares of AD traded up $0.33 during midday trading on Friday, reaching $27.66. 1,210,421 shares of the stock were exchanged, compared to its average volume of 296,203. The business’s 50-day moving average price is $33.85 and its 200 day moving average price is $41.46. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.11 and a quick ratio of 0.95. Array Digital Infrastructure has a twelve month low of $27.05 and a twelve month high of $60.82. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 3.72 and a beta of 0.34.

Array Digital Infrastructure (NYSE:AD) last posted its earnings results on Friday, November 6th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.73. The business had revenue of $53.87 million during the quarter. Array Digital Infrastructure had a return on equity of 8.67% and a net margin of 291.79%. The firm’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.44) earnings per share. On average, sell-side analysts expect that Array Digital Infrastructure will post 1.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Array Digital Infrastructure

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State of Alaska Department of Revenue increased its holdings in shares of Array Digital Infrastructure by 0.5% in the third quarter. State of Alaska Department of Revenue now owns 87,182 shares of the company’s stock valued at $2,939,000 after purchasing an additional 423 shares during the period. Signaturefd LLC lifted its holdings in shares of Array Digital Infrastructure by 38.7% during the third quarter. Signaturefd LLC now owns 1,954 shares of the company’s stock worth $66,000 after purchasing an additional 545 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Array Digital Infrastructure during the first quarter worth $33,000. Fifth Third Bancorp lifted its holdings in shares of Array Digital Infrastructure by 414.9% during the third quarter. Fifth Third Bancorp now owns 1,519 shares of the company’s stock worth $51,000 after purchasing an additional 1,224 shares during the period. Finally, Waverly Advisors LLC grew its position in Array Digital Infrastructure by 10.5% in the 2nd quarter. Waverly Advisors LLC now owns 21,411 shares of the company’s stock valued at $776,000 after buying an additional 2,037 shares during the last quarter. 18.03% of the stock is 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.