Array Digital Infrastructure (NYSE:AD) Hits New 1-Year Low – Here’s What Happened

Array Digital Infrastructure Inc. (NYSE:AD) shares hit a new 52-week low on Wednesday. The stock traded as low as $31.35 and last traded at $31.83, with a volume of 103,944 shares changing hands. The stock had previously closed at $32.41.

Analyst Ratings Changes

AD has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of Array Digital Infrastructure from $54.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday, August 19th. Royal Bank Of Canada dropped their price target on Array Digital Infrastructure from $52.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Friday, July 10th. Citigroup decreased their price objective on Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Finally, Weiss Ratings lowered shares of Array Digital Infrastructure from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, October 19th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $47.40.

Array Digital Infrastructure Stock Performance

The stock has a market cap of $2.85 billion, a P/E ratio of 5.31 and a beta of 0.29. The firm’s 50-day moving average price is $35.13 and its 200-day moving average price is $42.75. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.95 and a quick ratio of 0.95.

Array Digital Infrastructure (NYSE:AD) last announced its earnings results on Friday, August 7th. The company reported $4.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $3.88. Array Digital Infrastructure had a net margin of 250.79% and a return on equity of 8.52%. The firm had revenue of $54.07 million for the quarter. Sell-side analysts expect that Array Digital Infrastructure Inc. will post 1.15 earnings per share for the current fiscal year.

Institutional Trading of Array Digital Infrastructure

A number of institutional investors have recently bought and sold shares of AD. Dimensional Fund Advisors LP boosted its stake in shares of Array Digital Infrastructure by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company’s stock valued at $106,102,000 after purchasing an additional 57,198 shares in the last quarter. Bank of America Corp DE acquired a new position in Array Digital Infrastructure during the 2nd quarter valued at about $26,853,000. BlackRock Inc. purchased a new stake in Array Digital Infrastructure in the second quarter valued at about $14,537,000. Tiptree Advisors LLC purchased a new stake in Array Digital Infrastructure in the second quarter valued at about $7,365,000. Finally, First Trust Advisors LP raised its stake in Array Digital Infrastructure by 15.4% in the first quarter. First Trust Advisors LP now owns 111,534 shares of the company’s stock valued at $5,146,000 after buying an additional 14,867 shares during the last quarter. 18.03% of the stock is currently owned by institutional investors.

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. 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.