Array Digital Infrastructure (NYSE:AD) Sets New 12-Month Low – Time to Sell?

Array Digital Infrastructure Inc. (NYSE:AD) hit a new 52-week low during trading on Thursday. The stock traded as low as $32.98 and last traded at $33.13, with a volume of 30765 shares. The stock had previously closed at $34.14.

Analyst Upgrades and Downgrades

AD has been the topic of several research reports. Citigroup decreased their target price on Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Weiss Ratings downgraded shares of Array Digital Infrastructure from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, August 20th. JPMorgan Chase & Co. reduced their price objective on Array Digital Infrastructure from $54.00 to $45.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 19th. Finally, Royal Bank Of Canada decreased their target price on shares of Array Digital Infrastructure from $52.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Friday, July 10th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

Array Digital Infrastructure Trading Down 2.6%

The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.52. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 5.35 and a beta of 0.29. The firm’s 50-day moving average price is $35.88 and its 200 day moving average price is $41.43.

Array Digital Infrastructure (NYSE:AD) last posted its quarterly earnings results on Friday, August 7th. The company reported $4.15 earnings per share 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 during the quarter. As a group, equities analysts expect that Array Digital Infrastructure Inc. will post 1.15 EPS for the current year.

Institutional Investors Weigh In On Array Digital Infrastructure

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in Array Digital Infrastructure by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company’s stock worth $106,102,000 after purchasing an additional 57,198 shares in the last quarter. Jericho Capital Asset Management L.P. purchased a new stake in Array Digital Infrastructure in the fourth quarter worth $97,366,000. Bank of America Corp DE bought a new stake in Array Digital Infrastructure in the 2nd quarter valued at about $26,853,000. BlackRock Inc. bought a new stake in shares of Array Digital Infrastructure in the second quarter valued at approximately $14,537,000. Finally, Irenic Capital Management LP bought a new stake in Array Digital Infrastructure during the 4th quarter valued at $12,616,000. 18.03% of the stock is owned by 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.