Array Digital Infrastructure (NYSE:AD) Hits New 1-Year Low Following Analyst Downgrade

Array Digital Infrastructure Inc. (NYSE:AD) shares reached a new 52-week low on Thursday after Wells Fargo & Company lowered their price target on the stock from $82.00 to $62.00. Wells Fargo & Company currently has an overweight rating on the stock. Array Digital Infrastructure traded as low as $46.98 and last traded at $46.6950, with a volume of 3621 shares changing hands. The stock had previously closed at $47.47.

A number of other research firms have also recently commented on AD. Wall Street Zen raised shares of Array Digital Infrastructure from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. Weiss Ratings reissued a “sell (d)” rating on shares of Array Digital Infrastructure in a research report on Wednesday, October 8th. Zacks Research upgraded Array Digital Infrastructure to a “hold” rating in a research note on Tuesday, August 12th. Finally, Royal Bank Of Canada assumed coverage on Array Digital Infrastructure in a report on Monday, October 27th. They issued an “outperform” rating and a $62.00 price target for the company. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Array Digital Infrastructure has an average rating of “Hold” and an average price target of $62.00.

Insider Buying and Selling at Array Digital Infrastructure

In other Array Digital Infrastructure news, CEO Douglas W. Chambers sold 93,300 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $75.77, for a total value of $7,069,341.00. Following the sale, the chief executive officer owned 17,600 shares of the company’s stock, valued at $1,333,552. This trade represents a 84.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harry J. Harczak, Jr. sold 1,960 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $76.20, for a total value of $149,352.00. Following the transaction, the director directly owned 19,374 shares of the company’s stock, valued at $1,476,298.80. The trade was a 9.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is currently owned by company insiders.

Array Digital Infrastructure Stock Down 3.0%

The firm has a market cap of $3.93 billion, a price-to-earnings ratio of -154.16 and a beta of 0.18. The stock’s 50-day moving average is $49.83. The company has a quick ratio of 1.71, a current ratio of 1.87 and a debt-to-equity ratio of 0.61.

Array Digital Infrastructure (NYSE:AD) last announced its quarterly earnings data on Friday, November 7th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.72. Array Digital Infrastructure had a negative net margin of 0.68% and a positive return on equity of 1.67%. The firm had revenue of $47.12 million during the quarter, compared to analyst estimates of $46.15 million.

Array Digital Infrastructure Company Profile

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.