Array Digital Infrastructure (NYSE:AD) Shares Gap Down – What’s Next?

Array Digital Infrastructure Inc. (NYSE:AD)’s share price gapped down prior to trading on Friday . The stock had previously closed at $60.28, but opened at $49.00. Array Digital Infrastructure shares last traded at $49.32, with a volume of 69,877 shares changing hands.

Analysts Set New Price Targets

AD has been the topic of a number of research reports. Citigroup upped their target price on Array Digital Infrastructure from $37.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Weiss Ratings restated a “sell (d)” rating on shares of Array Digital Infrastructure in a research note on Wednesday. Wells Fargo & Company dropped 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 research note on Thursday, November 6th. Royal Bank Of Canada reduced their price objective on shares of Array Digital Infrastructure from $62.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, November 25th. Finally, Wall Street Zen downgraded shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Monday, November 17th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $60.33.

Array Digital Infrastructure Stock Down 19.4%

The firm’s 50-day moving average is $51.49. The firm has a market capitalization of $4.13 billion, a P/E ratio of 270.28 and a beta of 0.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.65 and a quick ratio of 0.65.

Array Digital Infrastructure Announces Dividend

The firm also recently announced a special dividend, which will be paid on Monday, February 2nd. Stockholders of record on Friday, January 23rd will be given a dividend of $10.25 per share. The ex-dividend date of this dividend is Friday, January 23rd.

Hedge Funds Weigh In On Array Digital Infrastructure

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. purchased a new stake in Array Digital Infrastructure during the fourth quarter worth about $910,000. Signaturefd LLC purchased a new position in Array Digital Infrastructure in the fourth quarter valued at about $73,000. Aberdeen Group plc bought a new position in shares of Array Digital Infrastructure during the 4th quarter valued at approximately $15,528,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of Array Digital Infrastructure during the 4th quarter worth approximately $99,000. 18.03% of the stock is owned by hedge funds and other institutional investors.

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.