Royal Bank Of Canada Cuts Array Digital Infrastructure (NYSE:AD) Price Target to $54.00

Array Digital Infrastructure (NYSE:AD) had its price objective reduced by equities research analysts at Royal Bank Of Canada from $60.00 to $54.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 13.09% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the stock. Wall Street Zen upgraded shares of Array Digital Infrastructure from a “sell” rating to a “hold” rating in a research note on Sunday. Wells Fargo & Company dropped their price objective on Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, February 12th. Citigroup decreased their target price on Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Raymond James Financial set a $53.00 price target on shares of Array Digital Infrastructure in a research report on Monday, February 23rd. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Array Digital Infrastructure in a report on Wednesday, January 21st. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.50.

Array Digital Infrastructure Stock Performance

NYSE:AD traded down $1.28 during midday trading on Monday, reaching $47.75. 16,202 shares of the company traded hands, compared to its average volume of 284,244. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 85.27 and a beta of 0.18. The company has a fifty day moving average price of $51.24 and a 200 day moving average price of $50.33. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.72 and a quick ratio of 0.72. Array Digital Infrastructure has a twelve month low of $44.03 and a twelve month high of $79.17.

Array Digital Infrastructure (NYSE:AD) last posted its earnings results on Friday, February 20th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. Array Digital Infrastructure had a return on equity of 4.89% and a net margin of 2.51%.The company had revenue of $60.33 million for the quarter. The company’s revenue for the quarter was up 131.2% compared to the same quarter last year.

Hedge Funds Weigh In On Array Digital Infrastructure

Hedge funds have recently modified their holdings of the stock. Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Array Digital Infrastructure during the fourth quarter worth $910,000. Aberdeen Group plc acquired a new position in shares of Array Digital Infrastructure in the 4th quarter valued at $15,528,000. Harbor Capital Advisors Inc. acquired a new position in shares of Array Digital Infrastructure in the 4th quarter valued at $99,000. Signaturefd LLC purchased a new position in Array Digital Infrastructure in the 4th quarter worth about $73,000. Finally, State of Alaska Department of Revenue purchased a new position in Array Digital Infrastructure in the 4th quarter worth about $5,187,000. 18.03% of the stock is currently owned by institutional investors and hedge funds.

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.