Wells Fargo & Company Issues Pessimistic Forecast for Array Digital Infrastructure (NYSE:AD) Stock Price

Array Digital Infrastructure (NYSE:AD) had its target price decreased by equities researchers at Wells Fargo & Company from $62.00 to $54.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 5.95% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Array Digital Infrastructure in a research note on Wednesday, January 21st. Wall Street Zen upgraded Array Digital Infrastructure from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Citigroup raised their price target on Array Digital Infrastructure from $37.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, January 7th. Finally, Royal Bank Of Canada lowered their price target on Array Digital Infrastructure from $62.00 to $56.00 and set an “outperform” rating for the company in a research note on Tuesday, November 25th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $57.67.

Array Digital Infrastructure Stock Performance

AD stock opened at $50.97 on Thursday. The stock’s 50 day moving average is $51.85. Array Digital Infrastructure has a 52 week low of $44.03 and a 52 week high of $79.17. The firm has a market capitalization of $4.33 billion, a PE ratio of 283.16 and a beta of 0.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.65 and a current ratio of 0.65.

Institutional Investors Weigh In On Array Digital Infrastructure

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN bought a new position in Array Digital Infrastructure in the 4th quarter worth $97,000. Quadrant Capital Group LLC acquired a new stake in shares of Array Digital Infrastructure in the fourth quarter valued at about $48,000. DigitalBridge Group Inc. bought a new position in shares of Array Digital Infrastructure in the fourth quarter worth about $6,311,000. Financial Engines Advisors L.L.C. bought a new position in shares of Array Digital Infrastructure in the fourth quarter worth about $222,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Array Digital Infrastructure during the 4th quarter worth about $120,237,000. 18.03% of the stock is currently owned by institutional investors and hedge funds.

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.