VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Array Digital Infrastructure Inc. $AD

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Array Digital Infrastructure Inc. (NYSE:AD) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,648 shares of the company’s stock, valued at approximately $1,000,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AD. Hennion & Walsh Asset Management Inc. acquired a new position in Array Digital Infrastructure during the fourth quarter worth about $910,000. Aberdeen Group plc acquired a new position in Array Digital Infrastructure during the fourth quarter worth about $15,528,000. Harbor Capital Advisors Inc. acquired a new position in Array Digital Infrastructure during the fourth quarter worth about $99,000. Signaturefd LLC acquired a new position in Array Digital Infrastructure during the fourth quarter worth about $73,000. Finally, State of Alaska Department of Revenue acquired a new position in Array Digital Infrastructure during the fourth quarter worth about $5,187,000. Institutional investors and hedge funds own 18.03% of the company’s stock.

Array Digital Infrastructure Price Performance

AD opened at $50.13 on Friday. The company has a quick ratio of 0.72, a current ratio of 1.03 and a debt-to-equity ratio of 0.36. Array Digital Infrastructure Inc. has a 52-week low of $44.03 and a 52-week high of $79.17. The company has a 50 day moving average of $48.61 and a two-hundred day moving average of $49.62. The company has a market cap of $4.33 billion, a P/E ratio of 20.80 and a beta of 0.23.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Citigroup lowered their price target on shares of Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Wall Street Zen downgraded shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a report on Monday, March 16th. 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 target for the company. in a report on Tuesday, May 12th. Finally, Wells Fargo & Company lowered their price target on shares of Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, February 12th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $54.00.

Array Digital Infrastructure Company Profile

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.