Array Digital Infrastructure (NYSE:AD) Sees Strong Trading Volume – Still a Buy?

Array Digital Infrastructure Inc. (NYSE:AD) shares saw unusually-strong trading volume on Wednesday . Approximately 2,105,214 shares traded hands during trading, an increase of 663% from the previous session’s volume of 275,884 shares.The stock last traded at $52.99 and had previously closed at $52.66.

Analyst Ratings Changes

AD has been the topic of several analyst reports. Wall Street Zen cut Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Raymond James Financial lowered shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research note on Monday, May 11th. Wells Fargo & Company reduced their price objective on shares of 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. Citigroup reduced 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 research note on Monday, February 23rd. Finally, Weiss Ratings raised shares of Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a research note on Monday, March 16th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $54.00.

Array Digital Infrastructure Stock Down 2.2%

The firm has a 50 day moving average of $49.20 and a 200 day moving average of $49.82. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 21.37 and a beta of 0.22. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.36.

Array Digital Infrastructure Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada acquired a new position in Array Digital Infrastructure during the 4th quarter worth approximately $25,000. Public Employees Retirement System of Ohio acquired a new position in Array Digital Infrastructure during the 1st quarter worth approximately $33,000. Quadrant Capital Group LLC acquired a new position in Array Digital Infrastructure during the 4th quarter worth approximately $48,000. Empowered Funds LLC acquired a new position in Array Digital Infrastructure during the 4th quarter worth approximately $54,000. Finally, Harbour Investments Inc. acquired a new position in Array Digital Infrastructure during the 4th quarter worth approximately $61,000. 18.03% of the stock is owned by institutional investors and hedge funds.

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.