Brokerages Set Array Digital Infrastructure Inc. (NYSE:AD) Target Price at $54.50

Shares of Array Digital Infrastructure Inc. (NYSE:AD) have received an average rating of “Moderate Buy” from the five brokerages that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $54.50.

AD has been the subject of a number of research analyst reports. Citigroup reduced their price objective on shares of Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Wall Street Zen upgraded shares of Array Digital Infrastructure from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. 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. Royal Bank Of Canada reduced their target price on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, March 9th. Finally, Wells Fargo & Company reduced their target price on shares of 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.

Institutional Investors Weigh In On Array Digital Infrastructure

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada acquired a new stake in shares of Array Digital Infrastructure in the fourth quarter valued at about $25,000. Quadrant Capital Group LLC acquired a new stake in shares of Array Digital Infrastructure in the fourth quarter valued at about $48,000. Empowered Funds LLC acquired a new stake in shares of Array Digital Infrastructure in the fourth quarter valued at about $54,000. Harbour Investments Inc. acquired a new stake in shares of Array Digital Infrastructure in the fourth quarter valued at about $61,000. Finally, Signaturefd LLC acquired a new stake in shares of Array Digital Infrastructure in the fourth quarter valued at about $73,000. 18.03% of the stock is currently owned by institutional investors and hedge funds.

Array Digital Infrastructure Stock Performance

NYSE:AD opened at $48.43 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.72 and a current ratio of 0.72. The company has a fifty day moving average of $48.27 and a two-hundred day moving average of $49.58. The stock has a market capitalization of $4.12 billion, a PE ratio of 86.48 and a beta of 0.17. Array Digital Infrastructure has a fifty-two week low of $44.03 and a fifty-two week high of $79.17.

Array Digital Infrastructure (NYSE:AD) last posted its quarterly earnings data on Friday, February 20th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $60.33 million during the quarter. Array Digital Infrastructure had a net margin of 2.51% and a return on equity of 4.89%. The business’s revenue was up 131.2% compared to the same quarter last year.

Array Digital Infrastructure Dividend Announcement

The firm also recently announced a special dividend, which was paid on Monday, February 2nd. Stockholders of record on Friday, January 23rd were given a $10.25 dividend. The ex-dividend date was Friday, January 23rd.

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.