Array Digital Infrastructure (NYSE:AD) Reaches New 1-Year Low – Here’s Why

Array Digital Infrastructure Inc. (NYSE:AD) hit a new 52-week low on Wednesday . The stock traded as low as $39.35 and last traded at $39.6460, with a volume of 331246 shares changing hands. The stock had previously closed at $39.78.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. dropped their price objective on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Array Digital Infrastructure in a report on Thursday, June 11th. Citigroup dropped their price objective on shares of Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Finally, Royal Bank Of Canada lowered shares of Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 price objective on the stock. in a report on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Array Digital Infrastructure has a consensus rating of “Hold” and an average price target of $54.00.

Array Digital Infrastructure Trading Down 0.3%

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.36. The firm’s 50-day moving average price is $49.36 and its 200 day moving average price is $49.92. The company has a market capitalization of $3.43 billion, a P/E ratio of 16.45 and a beta of 0.22.

Array Digital Infrastructure Dividend Announcement

The firm also recently announced a special dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th will be given a dividend of $11.00 per share. The ex-dividend date of this dividend is Thursday, June 11th.

Institutional Investors Weigh In On Array Digital Infrastructure

Several hedge funds and other institutional investors have recently made changes to their positions in AD. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Array Digital Infrastructure during the fourth quarter worth about $910,000. Aberdeen Group plc bought a new stake in shares of Array Digital Infrastructure during the fourth quarter worth about $15,528,000. Harbor Capital Advisors Inc. bought a new stake in shares of Array Digital Infrastructure during the fourth quarter worth about $99,000. Signaturefd LLC bought a new stake in shares of Array Digital Infrastructure during the fourth quarter worth about $73,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Array Digital Infrastructure during the fourth quarter worth about $5,187,000. 18.03% of the stock is owned by institutional investors.

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.