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

Array Digital Infrastructure Inc. (NYSE:AD)’s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $42.27 and last traded at $40.8860, with a volume of 736 shares traded. The stock had previously closed at $52.35.

Wall Street Analysts Forecast Growth

AD has been the subject of several recent analyst reports. Royal Bank Of Canada downgraded shares of Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 price objective for the company. in a research note on Tuesday, May 12th. Raymond James Financial downgraded Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a report on Monday, May 11th. Citigroup lowered their price target on Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Weiss Ratings upgraded Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a report on Monday, March 16th. Finally, JPMorgan Chase & Co. reduced their target price on Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $54.00.

Array Digital Infrastructure Price Performance

The company has a market cap of $3.52 billion, a PE ratio of 16.89 and a beta of 0.22. The firm’s 50-day moving average is $49.69 and its 200-day moving average is $50.01. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.36.

Array Digital Infrastructure Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada purchased a new position in Array Digital Infrastructure during the fourth quarter valued at $25,000. Public Employees Retirement System of Ohio bought a new position in shares of Array Digital Infrastructure in the 1st quarter worth about $33,000. Quadrant Capital Group LLC purchased a new position in Array Digital Infrastructure during the 4th quarter valued at about $48,000. Empowered Funds LLC purchased a new position in Array Digital Infrastructure during the 4th quarter valued at about $54,000. Finally, Harbour Investments Inc. bought a new stake in Array Digital Infrastructure during the fourth quarter worth about $61,000. Hedge funds and other institutional investors own 18.03% of the company’s stock.

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.