Array Digital Infrastructure (NYSE:AD) Shares Gap Down – Here’s Why

Array Digital Infrastructure Inc. (NYSE:AD) shares gapped down prior to trading on Monday . The stock had previously closed at $55.77, but opened at $53.14. Array Digital Infrastructure shares last traded at $52.3510, with a volume of 49,554 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AD. Raymond James Financial lowered shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a report on Monday. Weiss Ratings raised Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, March 16th. Royal Bank Of Canada cut their price objective on Array Digital Infrastructure from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, March 9th. Wall Street Zen downgraded shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Wells Fargo & Company cut their price objective on shares of Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Array Digital Infrastructure currently has an average rating of “Moderate Buy” and an average price target of $54.50.

Array Digital Infrastructure Stock Down 4.2%

The firm’s 50 day moving average price is $48.21 and its two-hundred day moving average price is $49.52. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $4.62 billion, a P/E ratio of 22.17 and a beta of 0.23.

Array Digital Infrastructure (NYSE:AD) last posted its quarterly earnings data on Friday, February 20th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. Array Digital Infrastructure had a net margin of 19.32% and a return on equity of 5.98%. The company had revenue of $60.33 million during the quarter. The business’s revenue for the quarter was up 131.2% on a year-over-year basis. Equities research analysts forecast that Array Digital Infrastructure Inc. will post 3.76 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AD. Royal Bank of Canada bought a new position in shares of Array Digital Infrastructure during the 4th quarter worth approximately $25,000. Quadrant Capital Group LLC bought a new position in shares of Array Digital Infrastructure during the 4th quarter worth approximately $48,000. Empowered Funds LLC bought a new position in shares of Array Digital Infrastructure during the 4th quarter worth approximately $54,000. Harbour Investments Inc. acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth about $61,000. Finally, Signaturefd LLC acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth about $73,000. 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.