Array Digital Infrastructure (NYSE:AD) Sets New 1-Year Low – Here’s Why

Array Digital Infrastructure Inc. (NYSE:AD) hit a new 52-week low on Thursday . The company traded as low as $42.27 and last traded at $40.8860, with a volume of 736 shares changing hands. The stock had previously closed at $52.35.

Analyst Ratings Changes

A number of equities analysts have commented on AD shares. Weiss Ratings raised Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a research note on Monday, March 16th. Wells Fargo & Company dropped their price target on Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, February 12th. Raymond James Financial lowered Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research report on Monday, May 11th. Citigroup dropped their target price on Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Finally, Wall Street Zen downgraded Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.00.

Array Digital Infrastructure Stock Down 23.9%

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.36. The company has a fifty day simple moving average of $49.95 and a 200 day simple moving average of $50.12. The firm has a market capitalization of $3.44 billion, a P/E ratio of 16.54 and a beta of 0.22.

Array Digital Infrastructure Announces Dividend

The business also recently announced 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 of this dividend is Thursday, June 11th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada purchased a new position in shares of Array Digital Infrastructure in the fourth quarter worth $25,000. Public Employees Retirement System of Ohio purchased a new position in shares of Array Digital Infrastructure in the first quarter worth $33,000. Quadrant Capital Group LLC purchased a new position in shares of Array Digital Infrastructure in the fourth quarter worth $48,000. Empowered Funds LLC purchased a new position in shares of Array Digital Infrastructure in the fourth quarter worth $54,000. Finally, Harbour Investments Inc. purchased a new position in shares of Array Digital Infrastructure in the fourth quarter worth $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.