Irenic Capital Management LP Purchases New Shares in Array Digital Infrastructure Inc. $AD

Irenic Capital Management LP purchased a new stake in Array Digital Infrastructure Inc. (NYSE:AD) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 235,294 shares of the company’s stock, valued at approximately $12,616,000. Array Digital Infrastructure accounts for approximately 0.8% of Irenic Capital Management LP’s portfolio, making the stock its 17th biggest holding. Irenic Capital Management LP owned 0.28% of Array Digital Infrastructure as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada acquired a new stake in Array Digital Infrastructure in the 4th quarter valued at $25,000. Quadrant Capital Group LLC acquired a new stake in Array Digital Infrastructure in the 4th quarter valued at $48,000. Empowered Funds LLC acquired a new stake in Array Digital Infrastructure in the 4th quarter valued at $54,000. Harbour Investments Inc. acquired a new stake in Array Digital Infrastructure in the 4th quarter valued at $61,000. Finally, Signaturefd LLC acquired a new stake in Array Digital Infrastructure in the 4th quarter valued at $73,000. Institutional investors and hedge funds own 18.03% of the company’s stock.

Array Digital Infrastructure Trading Down 1.8%

Shares of AD stock opened at $38.97 on Thursday. The stock’s fifty day moving average is $49.17 and its two-hundred day moving average is $49.86. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $3.37 billion, a P/E ratio of 16.17 and a beta of 0.22. Array Digital Infrastructure Inc. has a fifty-two week low of $38.88 and a fifty-two week high of $79.17.

Array Digital Infrastructure Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on AD shares. Raymond James Financial cut shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research note on Monday, May 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Array Digital Infrastructure in a research note on Thursday, June 11th. JPMorgan Chase & Co. dropped their price target on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Citigroup dropped their price target on shares of Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating on the stock in a research note on Monday, February 23rd. Finally, Wall Street Zen cut shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Three investment 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, Array Digital Infrastructure presently has a consensus rating of “Hold” and a consensus target price of $54.00.

Array Digital Infrastructure 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.