Array Digital Infrastructure (NYSE:AD) Reaches New 1-Year Low After Analyst Downgrade

Array Digital Infrastructure Inc. (NYSE:AD)’s stock price hit a new 52-week low on Monday after Royal Bank Of Canada lowered their price target on the stock from $52.00 to $40.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Array Digital Infrastructure traded as low as $34.09 and last traded at $34.6260, with a volume of 138480 shares traded. The stock had previously closed at $34.65.

Several other brokerages have also recently commented on AD. JPMorgan Chase & Co. dropped their target price 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. Wall Street Zen cut Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Raymond James Financial downgraded Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research note on Monday, May 11th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Array Digital Infrastructure in a research note on Thursday, June 11th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Array Digital Infrastructure currently has a consensus rating of “Hold” and a consensus price target of $51.60.

Hedge Funds Weigh In On Array Digital Infrastructure

A number of institutional investors have recently bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. raised its holdings in Array Digital Infrastructure by 17.5% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 24,919 shares of the company’s stock worth $904,000 after buying an additional 3,718 shares during the period. Weiss Asset Management LP purchased a new position in shares of Array Digital Infrastructure in the first quarter worth approximately $206,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Array Digital Infrastructure by 423.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 99,990 shares of the company’s stock worth $4,614,000 after acquiring an additional 80,872 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Array Digital Infrastructure during the first quarter valued at approximately $33,000. Finally, Inceptionr LLC purchased a new stake in shares of Array Digital Infrastructure in the 1st quarter valued at approximately $295,000. Hedge funds and other institutional investors own 18.03% of the company’s stock.

Array Digital Infrastructure Trading Up 0.0%

The company’s 50-day moving average is $44.98 and its 200 day moving average is $48.22. 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 firm has a market cap of $2.99 billion, a PE ratio of 14.37 and a beta of 0.25.

Array Digital Infrastructure Announces Dividend

The firm also recently announced a special dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were given a $11.00 dividend. The ex-dividend date of this dividend was Thursday, June 11th.

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.