Array Digital Infrastructure (NYSE:AD) Reaches New 1-Year Low – Here’s Why

Array Digital Infrastructure Inc. (NYSE:AD)’s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $39.35 and last traded at $39.6460, with a volume of 331246 shares. The stock had previously closed at $39.78.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Raymond James Financial lowered shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a report on Monday, May 11th. Wall Street Zen lowered shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Royal Bank Of Canada lowered shares of Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 target price on the stock. in a report on Tuesday, May 12th. Citigroup dropped their target price on shares of Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Array Digital Infrastructure in a report on Thursday, June 11th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $54.00.

Array Digital Infrastructure Trading Down 0.3%

The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 16.45 and a beta of 0.22. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.03 and a quick ratio of 1.03. The firm’s fifty day moving average is $49.36 and its 200-day moving average is $49.92.

Array Digital Infrastructure Dividend Announcement

The company also recently announced a special dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be issued a $11.00 dividend. The ex-dividend date is Thursday, June 11th.

Hedge Funds Weigh In On Array Digital Infrastructure

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in shares of Array Digital Infrastructure by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company’s stock valued at $106,102,000 after purchasing an additional 57,198 shares during the period. Jericho Capital Asset Management L.P. acquired a new position in shares of Array Digital Infrastructure during the fourth quarter valued at about $97,366,000. Vanguard Group Inc. acquired a new position in shares of Array Digital Infrastructure during the fourth quarter valued at about $76,634,000. Gamco Investors INC. ET AL acquired a new position in shares of Array Digital Infrastructure during the fourth quarter valued at about $51,720,000. Finally, Loomis Sayles & Co. L P acquired a new position in shares of Array Digital Infrastructure during the fourth quarter valued at about $40,842,000. Institutional investors and hedge funds own 18.03% of the company’s stock.

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.