Array Digital Infrastructure (NYSE:AD) Sets New 1-Year Low – Here’s Why

Array Digital Infrastructure Inc. (NYSE:AD)’s share price reached a new 52-week low during trading on Thursday . The company traded as low as $42.27 and last traded at $40.8860, with a volume of 736 shares changing hands. The stock had previously closed at $52.35.

Analyst Ratings Changes

A number of analysts recently commented on AD shares. Weiss Ratings upgraded Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, March 16th. Wall Street Zen cut Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Royal Bank Of Canada cut Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 price objective for the company. in a research report on Tuesday, May 12th. JPMorgan Chase & Co. reduced their price objective on Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, May 26th. Finally, Wells Fargo & Company reduced their price objective on Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, February 12th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $54.00.

Array Digital Infrastructure Stock Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50-day simple moving average of $49.95 and a 200 day simple moving average of $50.12. The firm has a market cap of $3.44 billion, a PE ratio of 16.54 and a beta of 0.22.

Array Digital Infrastructure Announces Dividend

The firm also recently disclosed a special dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th will be paid a $11.00 dividend. The ex-dividend date of this dividend is Thursday, June 11th.

Hedge Funds Weigh In On Array Digital Infrastructure

A number of hedge funds have recently made changes to their positions in the business. Weiss Asset Management LP bought a new position in shares of Array Digital Infrastructure in the first quarter worth about $206,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Array Digital Infrastructure by 423.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 99,990 shares of the company’s stock worth $4,614,000 after acquiring an additional 80,872 shares during the period. Public Employees Retirement System of Ohio bought a new position in Array Digital Infrastructure during the first quarter valued at approximately $33,000. Inceptionr LLC bought a new position in Array Digital Infrastructure during the first quarter valued at approximately $295,000. Finally, First Trust Advisors LP boosted its stake in Array Digital Infrastructure by 15.4% during 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. Institutional investors own 18.03% of the company’s stock.

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.