Gabelli Funds LLC Invests $29.65 Million in Array Digital Infrastructure Inc. $AD

Gabelli Funds LLC acquired a new position in shares of Array Digital Infrastructure Inc. (NYSE:AD) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 552,950 shares of the company’s stock, valued at approximately $29,649,000.

Other institutional investors also recently modified their holdings of the company. Signaturefd LLC acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth approximately $73,000. Harbor Capital Advisors Inc. acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth approximately $99,000. Arizona State Retirement System acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth approximately $240,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth approximately $326,000. Finally, Asset Management One Co. Ltd. acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth approximately $483,000. Institutional investors and hedge funds own 18.03% of the company’s stock.

Array Digital Infrastructure Price Performance

Array Digital Infrastructure stock opened at $50.56 on Tuesday. The business has a 50 day simple moving average of $48.63 and a 200 day simple moving average of $49.61. 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 Inc. has a one year low of $44.03 and a one year high of $79.17. The company has a market capitalization of $4.37 billion, a PE ratio of 20.98 and a beta of 0.23.

Array Digital Infrastructure (NYSE:AD) last posted its quarterly earnings data on Friday, February 20th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The company had revenue of $60.33 million for the quarter. Array Digital Infrastructure had a return on equity of 6.69% and a net margin of 19.32%.Array Digital Infrastructure’s quarterly revenue was up 131.2% compared to the same quarter last year. On average, sell-side analysts forecast that Array Digital Infrastructure Inc. will post 0.97 EPS for the current fiscal year.

Analyst Ratings Changes

AD has been the subject of several analyst reports. Weiss Ratings upgraded Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a research report on Monday, March 16th. Citigroup cut their target price 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. Royal Bank Of Canada downgraded Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 target price for the company. in a research report on Tuesday, May 12th. Wells Fargo & Company cut their target price on Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, February 12th. Finally, Raymond James Financial downgraded Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research report on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $54.00.

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.