Array Digital Infrastructure (NYSE:AD) Shares Gap Down – Here’s Why

Array Digital Infrastructure Inc. (NYSE:AD) gapped down prior to trading on Monday . The stock had previously closed at $55.77, but opened at $53.14. Array Digital Infrastructure shares last traded at $52.3510, with a volume of 49,554 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AD. Raymond James Financial lowered Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research note on Monday. Wells Fargo & Company decreased their target price on Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, February 12th. Royal Bank Of Canada cut shares of Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 price objective on the stock. in a research report on Tuesday. Weiss Ratings upgraded shares of Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, March 16th. Finally, Wall Street Zen cut shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Saturday. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $54.00.

Array Digital Infrastructure Stock Performance

The company has a market cap of $4.45 billion, a PE ratio of 21.39 and a beta of 0.23. The company has a current ratio of 1.03, a quick ratio of 0.72 and a debt-to-equity ratio of 0.36. The business has a fifty day moving average of $48.50 and a 200-day moving average of $49.60.

Array Digital Infrastructure (NYSE:AD) last issued its quarterly earnings data on Friday, February 20th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.30 by $0.18. Array Digital Infrastructure had a net margin of 19.32% and a return on equity of 6.69%. The business had revenue of $60.33 million during the quarter. The business’s revenue was up 131.2% on a year-over-year basis. Equities research analysts anticipate that Array Digital Infrastructure Inc. will post 0.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in AD. Royal Bank of Canada purchased a new position in shares of Array Digital Infrastructure in the 4th quarter valued at approximately $25,000. Quadrant Capital Group LLC purchased a new position in shares of Array Digital Infrastructure in the 4th quarter valued at approximately $48,000. Empowered Funds LLC purchased a new position in shares of Array Digital Infrastructure in the 4th quarter valued at approximately $54,000. Harbour Investments Inc. purchased a new position in shares of Array Digital Infrastructure in the 4th quarter valued at approximately $61,000. Finally, Signaturefd LLC purchased a new position in shares of Array Digital Infrastructure in the 4th quarter valued at approximately $73,000. 18.03% of the stock is currently 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.