Wells Fargo & Company Issues Pessimistic Forecast for Array Digital Infrastructure (NYSE:AD) Stock Price

Array Digital Infrastructure (NYSE:AD) had its target price dropped by investment analysts at Wells Fargo & Company from $82.00 to $62.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 34.06% from the company’s current price.

A number of other brokerages also recently commented on AD. Wall Street Zen upgraded shares of Array Digital Infrastructure from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. Royal Bank Of Canada initiated coverage on shares of Array Digital Infrastructure in a research report on Monday, October 27th. They issued an “outperform” rating and a $62.00 price objective on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Array Digital Infrastructure in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Array Digital Infrastructure to a “hold” rating in a research note on Tuesday, August 12th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $62.00.

Array Digital Infrastructure Stock Performance

NYSE AD opened at $46.25 on Thursday. The company has a current ratio of 1.87, a quick ratio of 1.71 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $3.93 billion, a P/E ratio of -154.16 and a beta of 0.18. The company’s 50 day simple moving average is $49.83. Array Digital Infrastructure has a 52-week low of $46.07 and a 52-week high of $79.17.

Array Digital Infrastructure (NYSE:AD) last announced its quarterly earnings results on Friday, November 7th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.72. Array Digital Infrastructure had a positive return on equity of 1.67% and a negative net margin of 0.68%.

Insider Buying and Selling at Array Digital Infrastructure

In other news, Director Harry J. Harczak, Jr. sold 1,960 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $76.20, for a total transaction of $149,352.00. Following the sale, the director directly owned 19,374 shares of the company’s stock, valued at $1,476,298.80. The trade was a 9.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Douglas W. Chambers sold 93,300 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $75.77, for a total value of $7,069,341.00. Following the completion of the transaction, the chief executive officer directly owned 17,600 shares in the company, valued at $1,333,552. This represents a 84.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.00% 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.