Array Digital Infrastructure Inc. (NYSE:AD) Sees Significant Growth in Short Interest

Array Digital Infrastructure Inc. (NYSE:AD) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 1,568,020 shares, an increase of 24.6% from the March 15th total of 1,258,091 shares. Based on an average daily volume of 447,277 shares, the days-to-cover ratio is presently 3.5 days. Approximately 1.9% of the shares of the stock are short sold.

Array Digital Infrastructure Trading Up 1.3%

Shares of AD traded up $0.63 during midday trading on Friday, reaching $50.09. The company had a trading volume of 111,754 shares, compared to its average volume of 308,900. Array Digital Infrastructure has a 1-year low of $44.03 and a 1-year high of $79.17. The stock has a market cap of $4.26 billion, a PE ratio of 89.44 and a beta of 0.17. The firm has a 50 day simple moving average of $48.44 and a 200-day simple moving average of $49.61. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.26.

Array Digital Infrastructure (NYSE:AD) last issued its earnings results on Friday, February 20th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The business 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 revenue was up 131.2% on a year-over-year basis.

Institutional Trading of Array Digital Infrastructure

A number of hedge funds and other institutional investors have recently modified their holdings of AD. Dimensional Fund Advisors LP acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth about $120,237,000. Jericho Capital Asset Management L.P. acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth about $97,366,000. Vanguard Group Inc. acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth about $76,634,000. Gamco Investors INC. ET AL acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth about $51,720,000. Finally, Loomis Sayles & Co. L P acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth about $40,842,000. 18.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AD. Wells Fargo & Company cut their target price 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. Citigroup cut their target price 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. Weiss Ratings raised Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a research note on Monday, March 16th. Royal Bank Of Canada cut their target price on Array Digital Infrastructure from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, March 9th. Finally, Raymond James Financial set a $53.00 target price on Array Digital Infrastructure in a research note on Monday, February 23rd. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.50.

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.