Array Digital Infrastructure (NYSE:AD) Shares Gap Down – Should You Sell?

Array Digital Infrastructure Inc. (NYSE:AD) shares gapped down before the market opened on Wednesday. The stock had previously closed at $30.38, but opened at $28.98. Array Digital Infrastructure shares last traded at $28.40, with a volume of 6,225 shares traded.

Wall Street Analysts Forecast Growth

AD has been the subject of several research reports. JPMorgan Chase & Co. dropped their price objective on shares of Array Digital Infrastructure from $54.00 to $45.00 and set an “overweight” rating for the company in a research note on Wednesday, August 19th. Citigroup decreased their target price on shares of Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Finally, Weiss Ratings cut Array Digital Infrastructure from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, October 19th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $47.40.

Array Digital Infrastructure Stock Down 3.5%

The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 3.75 and a beta of 0.34. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.11 and a quick ratio of 0.95. The business has a fifty day moving average of $34.47 and a 200 day moving average of $41.76.

Array Digital Infrastructure (NYSE:AD) last posted its earnings results on Friday, November 6th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.73. The company had revenue of $53.87 million for the quarter. Array Digital Infrastructure had a net margin of 291.79% and a return on equity of 8.67%. The company’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.44) EPS. As a group, equities analysts predict that Array Digital Infrastructure Inc. will post 1.15 earnings per share for the current year.

Institutional Investors Weigh In On Array Digital Infrastructure

Several large investors have recently added to or reduced their stakes in AD. Dimensional Fund Advisors LP grew its stake in shares of Array Digital Infrastructure by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company’s stock worth $106,102,000 after acquiring an additional 57,198 shares in the last quarter. Bank of America Corp DE purchased a new stake in Array Digital Infrastructure during the 2nd quarter worth about $26,853,000. BlackRock Inc. purchased a new position in shares of Array Digital Infrastructure in the 2nd quarter valued at about $14,537,000. Tiptree Advisors LLC acquired a new position in shares of Array Digital Infrastructure during the second quarter worth about $7,365,000. Finally, First Trust Advisors LP increased its stake in shares of Array Digital Infrastructure by 15.4% during the first quarter. First Trust Advisors LP now owns 111,534 shares of the company’s stock worth $5,146,000 after buying an additional 14,867 shares during the period. 18.03% of the stock is owned by hedge funds and other institutional investors.

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.