Array Digital Infrastructure (NYSE:AD) Posts Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Array Digital Infrastructure (NYSE:AD) announced its quarterly earnings results on Friday. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.18, Briefing.com reports. Array Digital Infrastructure had a return on equity of 3.40% and a net margin of 0.55%.The company had revenue of $60.33 million during the quarter. The company’s revenue was up 131.2% compared to the same quarter last year.

Array Digital Infrastructure Stock Down 2.2%

NYSE AD opened at $49.21 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average price is $51.93. Array Digital Infrastructure has a twelve month low of $44.03 and a twelve month high of $79.17. The stock has a market capitalization of $4.18 billion, a P/E ratio of 273.39 and a beta of 0.17.

Array Digital Infrastructure Dividend Announcement

The company also recently declared a special dividend, which was paid on Monday, February 2nd. Shareholders of record on Friday, January 23rd were given a dividend of $10.25 per share. The ex-dividend date was Friday, January 23rd.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AD. Weiss Ratings restated a “sell (d)” rating on shares of Array Digital Infrastructure in a research note on Wednesday, January 21st. Citigroup raised their price objective on shares of Array Digital Infrastructure from $37.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Wall Street Zen raised shares of Array Digital Infrastructure from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Royal Bank Of Canada lowered their target price on shares of Array Digital Infrastructure from $62.00 to $56.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 25th. Finally, Wells Fargo & Company reduced their price target on shares of Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Array Digital Infrastructure has a consensus rating of “Hold” and a consensus target price of $57.67.

Hedge Funds Weigh In On Array Digital Infrastructure

Several institutional investors have recently modified their holdings of AD. Royal Bank of Canada bought a new stake in Array Digital Infrastructure in the 4th quarter worth approximately $25,000. Quadrant Capital Group LLC purchased a new position in shares of Array Digital Infrastructure during the fourth quarter worth approximately $48,000. Empowered Funds LLC bought a new stake in shares of Array Digital Infrastructure in the 4th quarter worth approximately $54,000. Harbour Investments Inc. bought a new stake in shares of Array Digital Infrastructure in the 4th quarter worth approximately $61,000. Finally, Signaturefd LLC purchased a new stake in shares of Array Digital Infrastructure in the 4th quarter valued at $73,000. 18.03% of the stock is currently owned by institutional investors.

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.