Array Digital Infrastructure (NYSE:AD) Sees Large Volume Increase – Should You Buy?

Shares of Array Digital Infrastructure Inc. (NYSE:AD) saw an uptick in trading volume on Wednesday . 2,105,214 shares traded hands during mid-day trading, an increase of 663% from the previous session’s volume of 275,884 shares.The stock last traded at $52.99 and had previously closed at $52.66.

Wall Street Analyst Weigh In

AD has been the topic of a number of recent analyst reports. 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 report on Monday, February 23rd. Weiss Ratings raised shares of Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a report on Monday, March 16th. Wells Fargo & Company cut their price target on shares of Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, February 12th. Royal Bank Of Canada cut shares of Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 price objective for the company. in a research note on Tuesday, May 12th. Finally, JPMorgan Chase & Co. reduced their price objective on 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. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $54.00.

Array Digital Infrastructure Stock Up 1.5%

The company’s 50-day moving average is $49.53 and its 200 day moving average is $49.94. 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 company has a market capitalization of $4.50 billion, a PE ratio of 21.62 and a beta of 0.22.

Array Digital Infrastructure Dividend Announcement

The business also recently declared a special dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th will be issued a dividend of $11.00 per share. The ex-dividend date of this dividend is Thursday, June 11th.

Institutional Trading of Array Digital Infrastructure

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada purchased a new position in shares of Array Digital Infrastructure in the fourth quarter worth approximately $25,000. Public Employees Retirement System of Ohio bought a new stake in Array Digital Infrastructure during the 1st quarter worth approximately $33,000. Quadrant Capital Group LLC bought a new stake in shares of Array Digital Infrastructure during the fourth quarter valued at approximately $48,000. Empowered Funds LLC bought a new stake in shares of Array Digital Infrastructure during the fourth quarter valued at approximately $54,000. Finally, Harbour Investments Inc. bought a new stake in shares of Array Digital Infrastructure during the fourth quarter valued at approximately $61,000. 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.