Array Digital Infrastructure (NYSE:AD) Sets New 12-Month Low – Time to Sell?

Array Digital Infrastructure Inc. (NYSE:AD) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $38.25 and last traded at $38.74, with a volume of 247315 shares. The stock had previously closed at $38.86.

Analysts Set New Price Targets

Several brokerages recently commented on AD. Royal Bank Of Canada downgraded shares of Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 target price for the company. in a report on Tuesday, May 12th. Raymond James Financial cut Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a report on Monday, May 11th. Citigroup decreased their target price on 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Array Digital Infrastructure in a research note on Thursday, June 11th. Finally, JPMorgan Chase & Co. dropped their price target on Array Digital Infrastructure from $60.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $54.00.

Array Digital Infrastructure Trading Down 0.3%

The firm has a market capitalization of $3.35 billion, a P/E ratio of 16.07 and a beta of 0.22. The business’s 50-day moving average is $48.57 and its 200 day moving average is $49.64. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.03 and a quick ratio of 1.03.

Array Digital Infrastructure Announces Dividend

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

Institutional Investors Weigh In On Array Digital Infrastructure

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada bought a new stake in shares of Array Digital Infrastructure in the fourth quarter valued at approximately $25,000. Public Employees Retirement System of Ohio bought a new position in Array Digital Infrastructure during the 1st quarter worth $33,000. Quadrant Capital Group LLC acquired a new position in Array Digital Infrastructure in the 4th quarter valued at $48,000. Empowered Funds LLC acquired a new position in Array Digital Infrastructure in the 4th quarter valued at $54,000. Finally, Harbour Investments Inc. acquired a new position in Array Digital Infrastructure in the 4th quarter valued at $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.