Array Digital Infrastructure (NYSE:AD) Sets New 12-Month Low – Here’s What Happened

Array Digital Infrastructure Inc. (NYSE:AD)’s share price reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $32.66 and last traded at $32.7050, with a volume of 68,024 shares traded. The stock had previously closed at $33.47.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AD. Citigroup dropped their price target on shares of Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. JPMorgan Chase & Co. decreased their price objective on shares of Array Digital Infrastructure from $54.00 to $45.00 and set an “overweight” rating for the company in a research report on Wednesday, August 19th. Royal Bank Of Canada decreased their price objective on shares of Array Digital Infrastructure from $52.00 to $40.00 and set a “sector perform” rating for the company in a research report on Friday, July 10th. Finally, Weiss Ratings downgraded shares of Array Digital Infrastructure from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, August 20th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.40.

Array Digital Infrastructure Stock Down 2.3%

The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.52. The stock’s 50-day moving average is $35.64 and its 200-day moving average is $40.81. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 5.28 and a beta of 0.29.

Array Digital Infrastructure (NYSE:AD) last issued its earnings results on Friday, August 7th. The company reported $4.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $3.88. The business had revenue of $54.07 million for the quarter. Array Digital Infrastructure had a net margin of 250.79% and a return on equity of 8.52%. On average, analysts anticipate that Array Digital Infrastructure Inc. will post 1.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Array Digital Infrastructure

Institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio acquired a new stake in shares of Array Digital Infrastructure in the 1st quarter valued at about $33,000. Weiss Asset Management LP acquired a new position in Array Digital Infrastructure during the 1st quarter worth approximately $206,000. Jupiter Topco LLC acquired a new position in Array Digital Infrastructure during the 2nd quarter worth approximately $229,000. Inceptionr LLC bought a new position in Array Digital Infrastructure in the first quarter worth approximately $295,000. Finally, Legal & General Group Plc bought a new position in Array Digital Infrastructure in the second quarter worth approximately $305,000. Institutional investors 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.