Array Digital Infrastructure (NYSE:AD) Hits New 52-Week Low – What’s Next?

Array Digital Infrastructure Inc. (NYSE:AD)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $38.25 and last traded at $38.74, with a volume of 247315 shares. The stock had previously closed at $38.86.

Wall Street Analysts Forecast Growth

AD has been the subject of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Array Digital Infrastructure in a report on Thursday, June 11th. Raymond James Financial downgraded shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research report on Monday, May 11th. Wall Street Zen lowered shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Royal Bank Of Canada lowered shares of Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 price objective on the stock. in a research note on Tuesday, May 12th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $54.00.

Array Digital Infrastructure Stock Down 4.5%

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $3.13 billion, a PE ratio of 15.03 and a beta of 0.22. The stock’s fifty day simple moving average is $48.09 and its 200-day simple moving average is $49.46.

Array Digital Infrastructure Dividend Announcement

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

Institutional Investors Weigh In On Array Digital Infrastructure

A number of institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada bought a new position in shares of Array Digital Infrastructure during the 4th quarter worth approximately $25,000. Public Employees Retirement System of Ohio bought a new position in shares of Array Digital Infrastructure in the first quarter valued at approximately $33,000. Quadrant Capital Group LLC purchased 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 Array Digital Infrastructure during the fourth quarter worth $54,000. Finally, Harbour Investments Inc. bought a new stake in Array Digital Infrastructure during the fourth quarter worth $61,000. 18.03% of the stock is owned by 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.