Array Digital Infrastructure (NYSE:AD) Cut to Sector Perform at Royal Bank Of Canada

Array Digital Infrastructure (NYSE:AD) was downgraded by equities research analysts at Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a report released on Tuesday, Marketbeat Ratings reports. They currently have a $52.00 target price on the stock. Royal Bank Of Canada’s target price would indicate a potential downside of 1.32% from the company’s current price.

Other analysts have also recently issued research reports about the company. Citigroup lowered their price target on Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Weiss Ratings raised Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, March 16th. Raymond James Financial lowered Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research report on Monday. Wall Street Zen lowered Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Wells Fargo & Company dropped their target price on Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, February 12th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $54.00.

Array Digital Infrastructure Price Performance

Shares of AD stock opened at $52.69 on Tuesday. Array Digital Infrastructure has a fifty-two week low of $44.03 and a fifty-two week high of $79.17. The firm has a market capitalization of $4.55 billion, a price-to-earnings ratio of 21.86 and a beta of 0.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.72 and a current ratio of 0.72. The stock’s 50-day simple moving average is $48.44 and its 200-day simple moving average is $49.59.

Array Digital Infrastructure (NYSE:AD) last issued its quarterly earnings results on Friday, February 20th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. Array Digital Infrastructure had a return on equity of 5.98% and a net margin of 19.32%.The business had revenue of $60.33 million for the quarter. The business’s revenue for the quarter was up 131.2% compared to the same quarter last year. As a group, equities analysts forecast that Array Digital Infrastructure will post 3.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in AD. Hennion & Walsh Asset Management Inc. acquired a new position in shares of Array Digital Infrastructure during the 4th quarter worth approximately $910,000. Aberdeen Group plc acquired a new position in shares of Array Digital Infrastructure during the 4th quarter worth approximately $15,528,000. Harbor Capital Advisors Inc. acquired a new position in shares of Array Digital Infrastructure during the 4th quarter worth approximately $99,000. Signaturefd LLC acquired a new position in shares of Array Digital Infrastructure during the 4th quarter worth approximately $73,000. Finally, State of Alaska Department of Revenue acquired a new position in shares of Array Digital Infrastructure during the 4th quarter worth approximately $5,187,000. 18.03% of the stock is owned by institutional investors and hedge funds.

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.