Array Digital Infrastructure (NYSE:AD) Shares Gap Up After Dividend Announcement

Shares of Array Digital Infrastructure Inc. (NYSE:AD) gapped up prior to trading on Wednesday following a dividend announcement from the company. The stock had previously closed at $53.65, but opened at $56.25. Array Digital Infrastructure shares last traded at $57.6680, with a volume of 68,434 shares trading hands.

The newly announced dividend which will be paid on Monday, February 2nd. Investors of record on Friday, January 23rd will be given a dividend of $10.25 per share. The ex-dividend date is Friday, January 23rd.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AD. Weiss Ratings restated a “sell (d)” rating on shares of Array Digital Infrastructure in a report on Wednesday, October 8th. Wells Fargo & Company decreased their price objective on shares of Array Digital Infrastructure from $82.00 to $62.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Royal Bank Of Canada decreased their price objective on Array Digital Infrastructure from $62.00 to $56.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 25th. Citigroup lifted their price target on shares of Array Digital Infrastructure from $37.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Finally, Wall Street Zen downgraded Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Monday, November 17th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $60.33.

Array Digital Infrastructure Trading Up 7.4%

The business has a 50 day simple moving average of $49.95. The company has a market capitalization of $4.90 billion, a PE ratio of 320.27 and a beta of 0.17. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.26.

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.