Array Digital Infrastructure (NYSE:AD) Shares Gap Down – Here’s Why

Array Digital Infrastructure Inc. (NYSE:AD)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $55.77, but opened at $53.14. Array Digital Infrastructure shares last traded at $52.3510, with a volume of 49,554 shares.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Raymond James Financial cut Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research note on Monday. Citigroup reduced their price objective 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 upgraded shares of 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 price objective on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, March 9th. Finally, Wells Fargo & Company lowered their target price on Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Array Digital Infrastructure has a consensus rating of “Moderate Buy” and an average price target of $54.50.

Array Digital Infrastructure Stock Performance

The company has a market cap of $4.62 billion, a PE ratio of 22.17 and a beta of 0.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.72 and a current ratio of 0.72. The firm’s 50 day moving average is $48.21 and its 200-day moving average is $49.52.

Array Digital Infrastructure (NYSE:AD) last released its quarterly earnings data on Friday, February 20th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. Array Digital Infrastructure had a return on equity of 5.98% and a net margin of 19.32%.The company had revenue of $60.33 million for the quarter. Array Digital Infrastructure’s quarterly revenue was up 131.2% compared to the same quarter last year. On average, research analysts anticipate that Array Digital Infrastructure Inc. will post 3.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Array Digital Infrastructure

Several hedge funds and other institutional investors have recently made changes to their positions in AD. Dimensional Fund Advisors LP boosted its holdings in shares of Array Digital Infrastructure by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company’s stock valued at $106,102,000 after buying an additional 57,198 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Array Digital Infrastructure by 24.2% during the first quarter. Bank of New York Mellon Corp now owns 17,718 shares of the company’s stock worth $818,000 after acquiring an additional 3,457 shares during the period. SG Americas Securities LLC purchased a new stake in Array Digital Infrastructure during the first quarter worth about $637,000. Hsbc Holdings PLC purchased a new stake in Array Digital Infrastructure during the fourth quarter worth about $1,176,000. Finally, Pacer Advisors Inc. purchased a new stake in Array Digital Infrastructure during the fourth quarter worth about $7,074,000. Hedge funds and other 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.