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

Array Digital Infrastructure Inc. (NYSE:AD) reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $33.70 and last traded at $33.6640, with a volume of 37207 shares trading hands. The stock had previously closed at $34.49.

Analyst Upgrades and Downgrades

AD has been the subject of a number of research analyst reports. Royal Bank Of Canada decreased their target price on Array Digital Infrastructure from $52.00 to $40.00 and set a “sector perform” rating for the company in a research report on Friday, July 10th. JPMorgan Chase & Co. reduced their price objective on Array Digital Infrastructure from $54.00 to $45.00 and set an “overweight” rating for the company in a research note on Wednesday, August 19th. Weiss Ratings downgraded Array Digital Infrastructure from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, August 20th. Finally, Citigroup decreased their price objective on Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Array Digital Infrastructure currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.40.

Array Digital Infrastructure Price Performance

The company has a debt-to-equity ratio of 0.52, a current ratio of 0.95 and a quick ratio of 0.95. The company has a 50-day simple moving average of $35.97 and a 200-day simple moving average of $42.20. The stock has a market cap of $2.92 billion, a PE ratio of 5.45 and a beta of 0.28.

Array Digital Infrastructure (NYSE:AD) last announced its quarterly earnings results on Friday, August 7th. The company reported $4.15 EPS for the quarter, topping the consensus estimate of $0.27 by $3.88. The business had revenue of $54.07 million for the quarter. Array Digital Infrastructure had a return on equity of 8.52% and a net margin of 250.79%. Sell-side analysts anticipate that Array Digital Infrastructure Inc. will post 1.15 EPS for the current fiscal year.

Institutional Trading of Array Digital Infrastructure

Hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio purchased a new stake in shares of Array Digital Infrastructure during the 1st quarter valued at $33,000. Harbour Investments Inc. purchased a new position in shares of Array Digital Infrastructure in the 4th quarter worth $61,000. Waverly Advisors LLC boosted its holdings in Array Digital Infrastructure by 10.5% in the second quarter. Waverly Advisors LLC now owns 21,411 shares of the company’s stock valued at $776,000 after acquiring an additional 2,037 shares during the last quarter. Navellier & Associates Inc. grew its position in Array Digital Infrastructure by 41.3% during the second quarter. Navellier & Associates Inc. now owns 11,002 shares of the company’s stock valued at $399,000 after acquiring an additional 3,213 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Array Digital Infrastructure by 24.2% during the first quarter. Bank of New York Mellon Corp now owns 17,718 shares of the company’s stock valued at $818,000 after acquiring an additional 3,457 shares during the period. 18.03% of the stock is owned by hedge funds and other institutional investors.

About Array Digital Infrastructure

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.