ADI Global Distribution Inc. Common Stock (NYSE:ADIG) Reaches New 12-Month Low After Analyst Downgrade

Shares of ADI Global Distribution Inc. Common Stock (NYSE:ADIG) reached a new 52-week low during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $25.00 to $20.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. ADI Global Distribution Inc. Common Stock traded as low as $16.12 and last traded at $16.5560, with a volume of 452,166 shares. The stock had previously closed at $16.95.

Several other research firms have also recently weighed in on ADIG. Truist Financial assumed coverage on ADI Global Distribution Inc. Common Stock in a research report on Wednesday, August 26th. They set a “hold” rating and a $24.00 price objective on the stock. Zacks Research downgraded ADI Global Distribution Inc. Common Stock from a “hold” rating to a “strong sell” rating in a report on Monday, October 5th. Wall Street Zen raised ADI Global Distribution Inc. Common Stock to a “hold” rating in a research report on Saturday, August 29th. Oppenheimer began coverage on ADI Global Distribution Inc. Common Stock in a research report on Tuesday, August 4th. They issued an “outperform” rating and a $30.00 target price for the company. Finally, Evercore began coverage on ADI Global Distribution Inc. Common Stock in a research note on Monday, September 28th. They issued a “hold” rating and a $23.00 target price for the company. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ADI Global Distribution Inc. Common Stock presently has an average rating of “Hold” and a consensus price target of $24.25.

ADI Global Distribution Inc. Common Stock Stock Down 5.9%

The stock has a fifty day moving average price of $20.86. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.62 and a current ratio of 2.80.

About ADI Global Distribution Inc. Common Stock

ADI Global Distribution Inc is a distributor of products and solutions used in the security, automation, and low-voltage technology markets. Its offerings include video surveillance equipment, access-control systems, intrusion and fire-alarm products, professional audio-visual equipment, networking hardware, and related installation supplies.

The company primarily serves security dealers, systems integrators, electrical contractors, and other technology professionals. Through sales channels that include branch locations, e-commerce platforms, and sales representatives, ADI supports customers with product sourcing, technical assistance, training, and logistics services.

ADI Global Distribution has operated as part of Resideo Technologies, Inc, following the separation of Resideo from Honeywell International.