Array Digital Infrastructure (NYSE:AD) Hits New 1-Year Low – Here’s What Happened

Array Digital Infrastructure Inc. (NYSE:AD) reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $32.98 and last traded at $33.13, with a volume of 30,765 shares changing hands. The stock had previously closed at $34.14.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AD. 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 lowered Array Digital Infrastructure from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, August 20th. Citigroup lowered their target price on shares of Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Finally, Royal Bank Of Canada reduced their price objective on Array Digital Infrastructure from $52.00 to $40.00 and set a “sector perform” rating for the company in a research note on Friday, July 10th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.40.

Array Digital Infrastructure Stock Performance

The stock has a 50-day moving average of $35.82 and a 200 day moving average of $41.29. The stock has a market cap of $2.89 billion, a PE ratio of 5.38 and a beta of 0.29. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.52.

Array Digital Infrastructure (NYSE:AD) last issued its earnings results on Friday, August 7th. The company reported $4.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $3.88. The business had revenue of $54.07 million during the quarter. Array Digital Infrastructure had a return on equity of 8.52% and a net margin of 250.79%. Equities analysts predict that Array Digital Infrastructure Inc. will post 1.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Engineers Gate Manager LP increased its position in shares of Array Digital Infrastructure by 132.1% during the 2nd quarter. Engineers Gate Manager LP now owns 29,603 shares of the company’s stock worth $1,073,000 after purchasing an additional 16,851 shares during the last quarter. Waverly Advisors LLC boosted its stake in shares of Array Digital Infrastructure by 10.5% in the 2nd quarter. Waverly Advisors LLC now owns 21,411 shares of the company’s stock valued at $776,000 after buying an additional 2,037 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Array Digital Infrastructure during the second quarter worth about $411,000. Navellier & Associates Inc. lifted its stake in Array Digital Infrastructure by 41.3% in the second quarter. Navellier & Associates Inc. now owns 11,002 shares of the company’s stock worth $399,000 after acquiring an additional 3,213 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in Array Digital Infrastructure during the 2nd quarter worth about $26,853,000. 18.03% of the stock is currently owned by institutional investors and hedge funds.

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.