Array Digital Infrastructure (NYSE:AD) Stock Price Target Lowered at Citigroup

Key Points

• Citigroup lowered its price target on Array Digital Infrastructure from $45 to $43 but maintained a Buy rating; the new target implies 55.44% upside from the prior close.
• Analyst views are mixed: MarketBeat reports a consensus Hold rating and $47 average target, with three Buy, two Hold, and one Sell ratings.
• The company reported quarterly EPS of $0.80, beating the $0.07 consensus estimate, while revenue rose 14.4% year over year to $53.87 million.

Array Digital Infrastructure (NYSE:AD - Get Free Report) had its price target cut by Citigroup from $45.00 to $43.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective would indicate a potential upside of 55.44% from the company's previous close.

Other analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of Array Digital Infrastructure from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, October 19th. JPMorgan Chase & Co. cut their target price on Array Digital Infrastructure from $54.00 to $45.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 19th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Array Digital Infrastructure presently has a consensus rating of "Hold" and a consensus target price of $47.00.

Array Digital Infrastructure Trading Up 1.2%

Shares of Array Digital Infrastructure stock traded up $0.33 during trading on Friday, hitting $27.66. The stock had a trading volume of 1,210,321 shares, compared to its average volume of 282,997. The firm's fifty day simple moving average is $34.08 and its 200-day simple moving average is $41.56. The stock has a market cap of $2.39 billion, a PE ratio of 3.72 and a beta of 0.34. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.11 and a quick ratio of 0.95. Array Digital Infrastructure has a 12 month low of $27.05 and a 12 month high of $60.82.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last issued its quarterly earnings results on Friday, November 6th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.07 by $0.73. The company had revenue of $53.87 million for the quarter. Array Digital Infrastructure had a net margin of 291.79% and a return on equity of 8.67%. The business's revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.44) earnings per share. As a group, sell-side analysts expect that Array Digital Infrastructure will post 1.99 EPS for the current fiscal year.

Institutional Trading of Array Digital Infrastructure

A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE bought a new position in shares of Array Digital Infrastructure in the second quarter worth about $26,853,000. BlackRock Inc. purchased a new position in Array Digital Infrastructure in the 2nd quarter worth about $14,537,000. Tiptree Advisors LLC bought a new stake in Array Digital Infrastructure during the 2nd quarter valued at about $7,365,000. Polar Asset Management Partners Inc. bought a new stake in Array Digital Infrastructure during the 2nd quarter valued at about $3,147,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Array Digital Infrastructure by 423.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 99,990 shares of the company's stock valued at $4,614,000 after buying an additional 80,872 shares in the last quarter. 18.03% of the stock is owned by hedge funds and other institutional investors.

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.

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