Array Digital Infrastructure (NYSE:AD) Sets New 12-Month Low – What’s Next?

Array Digital Infrastructure Inc. (NYSE:AD) shares reached a new 52-week low during trading on Thursday. The stock traded as low as $27.45 and last traded at $27.15, with a volume of 15,937 shares changing hands. The stock had previously closed at $27.75.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AD. Citigroup lowered their target price on Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Weiss Ratings cut Array Digital Infrastructure from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, October 19th. Finally, JPMorgan Chase & Co. decreased their price target on Array Digital Infrastructure from $54.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday, August 19th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $47.40.

Array Digital Infrastructure Stock Down 0.7%

The stock has a market capitalization of $2.38 billion, a PE ratio of 3.70 and a beta of 0.34. The firm’s fifty day moving average is $34.29 and its 200-day moving average is $41.66. The company has a quick ratio of 0.95, a current ratio of 1.11 and a debt-to-equity ratio of 0.50.

Array Digital Infrastructure (NYSE:AD) last announced its quarterly earnings data on Friday, November 6th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.73. Array Digital Infrastructure had a return on equity of 8.67% and a net margin of 291.79%. The company had revenue of $53.87 million for the quarter. During the same period in the prior year, the firm posted ($0.44) EPS. Array Digital Infrastructure’s revenue for the quarter was up 14.4% compared to the same quarter last year. On average, equities research analysts predict that Array Digital Infrastructure Inc. will post 1.99 earnings per share for the current year.

Institutional Trading of Array Digital Infrastructure

A number of institutional investors have recently modified their holdings of AD. Dimensional Fund Advisors LP grew its holdings in Array Digital Infrastructure by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company’s stock worth $106,102,000 after acquiring an additional 57,198 shares during the period. Bank of America Corp DE acquired a new stake in Array Digital Infrastructure in the second quarter valued at $26,853,000. BlackRock Inc. purchased a new stake in shares of Array Digital Infrastructure during the 2nd quarter worth $14,537,000. Tiptree Advisors LLC purchased a new stake in shares of Array Digital Infrastructure during the 2nd quarter worth $7,365,000. Finally, First Trust Advisors LP grew its stake in shares of Array Digital Infrastructure by 53.8% during the 3rd quarter. First Trust Advisors LP now owns 162,528 shares of the company’s stock worth $5,480,000 after purchasing an additional 56,833 shares during the period. 18.03% of the stock is currently owned by hedge funds and other institutional investors.

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.