JPMorgan Chase & Co. Cuts Array Digital Infrastructure (NYSE:AD) Price Target to $45.00

Array Digital Infrastructure (NYSE:AD) had its target price lowered by JPMorgan Chase & Co. from $54.00 to $45.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities research analysts also recently issued reports about the stock. Raymond James Financial downgraded shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research note on Monday, May 11th. Wall Street Zen downgraded Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Citigroup decreased their target price on Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Array Digital Infrastructure in a research report on Thursday, June 11th. Finally, Royal Bank Of Canada dropped their price target on Array Digital Infrastructure from $52.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Friday, July 10th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Array Digital Infrastructure has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Array Digital Infrastructure Stock Performance

Shares of AD stock opened at $35.84 on Wednesday. The firm has a 50 day moving average of $35.77 and a 200-day moving average of $44.43. The company has a market cap of $3.10 billion, a price-to-earnings ratio of 5.78 and a beta of 0.26. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.52. Array Digital Infrastructure has a 52 week low of $33.71 and a 52 week high of $60.82.

Array Digital Infrastructure (NYSE:AD) last released its earnings results on Friday, August 7th. The company reported $4.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $3.88. The company had revenue of $54.07 million for the quarter. Array Digital Infrastructure had a net margin of 250.79% and a return on equity of 8.52%. On average, equities analysts forecast that Array Digital Infrastructure will post 0.8 earnings per share for the current year.

Array Digital Infrastructure Announces Dividend

The firm also recently disclosed a special dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were issued a dividend of $11.00 per share. The ex-dividend date was Thursday, June 11th.

Institutional Inflows and Outflows

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