Array Digital Infrastructure (NYSE:AD) Sees Strong Trading Volume – Here’s What Happened

Array Digital Infrastructure Inc. (NYSE:AD) shares saw unusually-high trading volume on Monday . Approximately 2,068,778 shares were traded during mid-day trading, an increase of 682% from the previous session’s volume of 264,383 shares.The stock last traded at $45.96 and had previously closed at $46.54.

Analysts Set New Price Targets

A number of research firms recently issued reports on AD. Raymond James Financial set a $53.00 price objective on Array Digital Infrastructure in a research report on Monday, February 23rd. Royal Bank Of Canada dropped their target price on Array Digital Infrastructure from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, March 9th. Wells Fargo & Company cut their price target on Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, February 12th. Wall Street Zen upgraded Array Digital Infrastructure from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Finally, Citigroup lowered their price target on Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.50.

Array Digital Infrastructure Price Performance

The company’s 50-day simple moving average is $48.71 and its 200 day simple moving average is $49.63. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 82.27 and a beta of 0.18.

Array Digital Infrastructure (NYSE:AD) last announced its quarterly earnings results on Friday, February 20th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $60.33 million during the quarter. Array Digital Infrastructure had a return on equity of 4.89% and a net margin of 2.51%.The firm’s quarterly revenue was up 131.2% compared to the same quarter last year.

Array Digital Infrastructure Dividend Announcement

The business also recently announced a special dividend, which was paid on Monday, February 2nd. Investors of record on Friday, January 23rd were issued a $10.25 dividend. The ex-dividend date was Friday, January 23rd.

Hedge Funds Weigh In On Array Digital Infrastructure

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada bought a new position in shares of Array Digital Infrastructure in the fourth quarter valued at approximately $25,000. Quadrant Capital Group LLC acquired a new stake in shares of Array Digital Infrastructure in the fourth quarter worth $48,000. Empowered Funds LLC bought a new stake in shares of Array Digital Infrastructure during the 4th quarter worth $54,000. Harbour Investments Inc. bought a new stake in shares of Array Digital Infrastructure during the 4th quarter worth $61,000. Finally, Signaturefd LLC acquired a new position in Array Digital Infrastructure in the 4th quarter valued at $73,000. Institutional investors and hedge funds own 18.03% of the company’s stock.

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.