Array Digital Infrastructure (NYSE:AD) Sees Strong Trading Volume – Still a Buy?

Shares of Array Digital Infrastructure Inc. (NYSE:AD) saw an uptick in trading volume on Wednesday . 2,105,214 shares were traded during mid-day trading, an increase of 663% from the previous session’s volume of 275,884 shares.The stock last traded at $52.99 and had previously closed at $52.66.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AD. Raymond James Financial cut Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research note on Monday, May 11th. Wall Street Zen lowered shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Wells Fargo & Company reduced their price target on shares of Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, February 12th. JPMorgan Chase & Co. reduced their price target on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 26th. Finally, Citigroup reduced their price target on shares of Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Array Digital Infrastructure has an average rating of “Hold” and a consensus target price of $54.00.

Array Digital Infrastructure Stock Down 2.2%

The company has a market capitalization of $4.45 billion, a P/E ratio of 21.37 and a beta of 0.22. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s fifty day moving average is $49.20 and its 200-day moving average is $49.82.

Array Digital Infrastructure Announces Dividend

The company also recently declared a special dividend, which will be paid on Thursday, June 25th. Stockholders 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 Investors Weigh In On Array Digital Infrastructure

Several hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada acquired a new stake in Array Digital Infrastructure during the 4th quarter worth approximately $25,000. Public Employees Retirement System of Ohio acquired a new stake in Array Digital Infrastructure during the 1st quarter worth approximately $33,000. Quadrant Capital Group LLC acquired a new stake in Array Digital Infrastructure during the 4th quarter worth approximately $48,000. Empowered Funds LLC acquired a new stake in Array Digital Infrastructure during the 4th quarter worth approximately $54,000. Finally, Harbour Investments Inc. acquired a new stake in Array Digital Infrastructure during the 4th quarter worth approximately $61,000. 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.