Array Digital Infrastructure (NYSE:AD) Hits New 12-Month Low – Here’s Why

Array Digital Infrastructure Inc. (NYSE:AD)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $35.12 and last traded at $35.2250, with a volume of 60811 shares trading hands. The stock had previously closed at $36.37.

Analysts Set New Price Targets

AD has been the topic of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Array Digital Infrastructure in a research note on Thursday, June 11th. 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 for the company. in a research report on Tuesday, May 12th. JPMorgan Chase & Co. lowered their target price on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Wall Street Zen cut shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Raymond James Financial downgraded shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research report on Monday, May 11th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Array Digital Infrastructure presently has a consensus rating of “Hold” and an average price target of $54.00.

Array Digital Infrastructure Price Performance

The stock has a 50 day moving average of $46.80 and a 200-day moving average of $48.99. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $3.15 billion, a PE ratio of 15.12 and a beta of 0.25.

Array Digital Infrastructure Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were issued a $11.00 dividend. The ex-dividend date of this dividend was Thursday, June 11th.

Institutional Investors Weigh In On Array Digital Infrastructure

A number of institutional investors and hedge funds have recently modified their holdings of the company. Weiss Asset Management LP purchased a new stake in Array Digital Infrastructure in the first quarter valued at approximately $206,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in Array Digital Infrastructure by 423.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 99,990 shares of the company’s stock worth $4,614,000 after buying an additional 80,872 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Array Digital Infrastructure during the 1st quarter valued at approximately $33,000. Inceptionr LLC acquired a new stake in Array Digital Infrastructure during the 1st quarter valued at approximately $295,000. Finally, First Trust Advisors LP lifted its stake in Array Digital Infrastructure by 15.4% during the 1st quarter. First Trust Advisors LP now owns 111,534 shares of the company’s stock valued at $5,146,000 after acquiring an additional 14,867 shares during the period. Institutional investors and hedge funds own 18.03% of the company’s stock.

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.