Array Digital Infrastructure (NYSE:AD) Cut to Sector Perform at Royal Bank Of Canada

Array Digital Infrastructure (NYSE:AD) was downgraded by equities research analysts at Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a research note issued on Tuesday, Marketbeat Ratings reports. They currently have a $52.00 price target on the stock. Royal Bank Of Canada’s target price suggests a potential downside of 1.32% from the stock’s current price.

Other analysts also recently issued reports about the company. Raymond James Financial downgraded Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research report on Monday. Citigroup decreased their target price on 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. Wells Fargo & Company decreased their target price on 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. Weiss Ratings upgraded Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a report on Monday, March 16th. Finally, Wall Street Zen downgraded Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.00.

Array Digital Infrastructure Stock Down 5.5%

NYSE:AD opened at $52.69 on Tuesday. Array Digital Infrastructure has a twelve month low of $44.03 and a twelve month high of $79.17. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 21.86 and a beta of 0.23. The stock has a fifty day simple moving average of $48.44 and a 200-day simple moving average of $49.59. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.26.

Array Digital Infrastructure (NYSE:AD) last released its earnings results on Friday, February 20th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.18. Array Digital Infrastructure had a return on equity of 5.98% and a net margin of 19.32%.The business had revenue of $60.33 million during the quarter. The company’s revenue for the quarter was up 131.2% compared to the same quarter last year. Analysts anticipate that Array Digital Infrastructure will post 3.76 EPS for the current year.

Hedge Funds Weigh In On Array Digital Infrastructure

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its stake in Array Digital Infrastructure by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company’s stock valued at $106,102,000 after purchasing an additional 57,198 shares during the last quarter. Jericho Capital Asset Management L.P. purchased a new position in Array Digital Infrastructure in the fourth quarter valued at about $97,366,000. Vanguard Group Inc. purchased a new position in Array Digital Infrastructure in the fourth quarter valued at about $76,634,000. Gamco Investors INC. ET AL purchased a new position in Array Digital Infrastructure in the fourth quarter valued at about $51,720,000. Finally, Loomis Sayles & Co. L P purchased a new position in Array Digital Infrastructure in the fourth quarter valued at about $40,842,000. Hedge funds and other institutional investors own 18.03% of the company’s stock.

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.