Newtyn Management LLC Cuts Stock Holdings in Array Digital Infrastructure Inc. $AD

Newtyn Management LLC trimmed its stake in Array Digital Infrastructure Inc. (NYSE:AD) by 63.1% during the 2nd quarter, Holdings Channel reports. The firm owned 597,090 shares of the company’s stock after selling 1,019,766 shares during the quarter. Array Digital Infrastructure comprises approximately 2.8% of Newtyn Management LLC’s portfolio, making the stock its 16th biggest holding. Newtyn Management LLC’s holdings in Array Digital Infrastructure were worth $21,650,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada purchased a new stake in Array Digital Infrastructure in the fourth quarter valued at approximately $25,000. Public Employees Retirement System of Ohio purchased a new position in Array Digital Infrastructure in the 1st quarter worth approximately $33,000. Quadrant Capital Group LLC purchased a new position in Array Digital Infrastructure in the 4th quarter worth approximately $48,000. Empowered Funds LLC bought a new position in shares of Array Digital Infrastructure in the 4th quarter worth $54,000. Finally, Harbour Investments Inc. bought a new position in shares of Array Digital Infrastructure in the 4th quarter worth $61,000. 18.03% of the stock is owned by hedge funds and other institutional investors.

Array Digital Infrastructure Stock Performance

Shares of AD stock opened at $36.00 on Monday. The business has a 50-day moving average of $35.41 and a 200 day moving average of $43.93. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.95 and a quick ratio of 0.95. Array Digital Infrastructure Inc. has a 1-year low of $33.71 and a 1-year high of $60.82. The stock has a market capitalization of $3.11 billion, a PE ratio of 5.81 and a beta of 0.26.

Array Digital Infrastructure (NYSE:AD) last announced its quarterly earnings results on Friday, August 7th. The company reported $4.15 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $3.88. Array Digital Infrastructure had a return on equity of 8.52% and a net margin of 250.79%.The business had revenue of $54.07 million for the quarter. As a group, sell-side analysts anticipate that Array Digital Infrastructure Inc. will post 0.8 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on AD shares. Royal Bank Of Canada dropped their price objective on shares of Array Digital Infrastructure from $52.00 to $40.00 and set a “sector perform” rating for the company in a report on Friday, July 10th. JPMorgan Chase & Co. reduced their target price on Array Digital Infrastructure from $54.00 to $45.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 19th. Weiss Ratings cut Array Digital Infrastructure from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, August 20th. Citigroup dropped their price target on Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Finally, Wall Street Zen cut Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.40.

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.