Citigroup Cuts Array Digital Infrastructure (NYSE:AD) Price Target to $45.00

Array Digital Infrastructure (NYSE:AD) had its price target lowered by analysts at Citigroup from $45.02 to $45.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 26.12% from the stock’s previous close.

Several other research analysts have also recently commented on AD. Raymond James Financial downgraded Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a report on Monday, May 11th. JPMorgan Chase & Co. dropped their price objective on Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Array Digital Infrastructure in a research report on Thursday, June 11th. Royal Bank Of Canada reduced their target price on Array Digital Infrastructure from $52.00 to $40.00 and set a “sector perform” rating for the company in a research note on Friday, July 10th. Finally, Wall Street Zen downgraded shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.20.

Array Digital Infrastructure Stock Up 1.5%

NYSE:AD traded up $0.54 on Thursday, reaching $35.68. The stock had a trading volume of 131,020 shares, compared to its average volume of 290,171. The company has a 50-day moving average of $37.54 and a 200 day moving average of $44.99. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36. The stock has a market cap of $3.08 billion, a P/E ratio of 5.75 and a beta of 0.26. Array Digital Infrastructure has a 12-month low of $33.71 and a 12-month high of $77.13.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of AD. Royal Bank of Canada bought a new position in Array Digital Infrastructure during the 4th quarter worth approximately $25,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Array Digital Infrastructure during the 1st quarter valued at approximately $33,000. Quadrant Capital Group LLC acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter valued at approximately $48,000. Empowered Funds LLC bought a new position in Array Digital Infrastructure during the fourth quarter worth $54,000. Finally, Harbour Investments Inc. acquired a new position in Array Digital Infrastructure in the fourth quarter worth $61,000. Institutional investors own 18.03% of the company’s stock.

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.