Array Digital Infrastructure Inc. (NYSE:AD) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Array Digital Infrastructure has a consensus “Hold” rating from seven analysts, with four holds and three buys. The average 12-month price target is $51.60.
• Several brokerages recently lowered their views or price targets, including JPMorgan, RBC and Raymond James; RBC cut its target to $40, while Wall Street Zen downgraded the stock to “Sell.”
• AD opened at $34.94, near its 12-month low of $33.71, and has a market capitalization of about $3.02 billion. The company also paid a special $11.00 per-share dividend in June.

Array Digital Infrastructure Inc. (NYSE:AD - Get Free Report) has been given a consensus rating of "Hold" by the seven analysts that are currently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $51.60.

A number of brokerages have recently commented on AD. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Array Digital Infrastructure in a research report on Thursday, June 11th. JPMorgan Chase & Co. cut their price target on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, May 26th. Wall Street Zen lowered Array Digital Infrastructure from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Royal Bank Of Canada cut their target price on shares of Array Digital Infrastructure from $52.00 to $40.00 and set a "sector perform" rating for the company in a research report on Friday, July 10th. Finally, Raymond James Financial cut shares of Array Digital Infrastructure from an "outperform" rating to a "market perform" rating in a research report on Monday, May 11th.

Hedge Funds Weigh In On Array Digital Infrastructure

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada bought a new position in shares of Array Digital Infrastructure during the fourth quarter valued at approximately $25,000. Public Employees Retirement System of Ohio bought a new position in Array Digital Infrastructure in the 1st quarter worth about $33,000. Quadrant Capital Group LLC purchased a new stake in Array Digital Infrastructure during the 4th quarter valued at about $48,000. Empowered Funds LLC purchased a new position in Array Digital Infrastructure in the fourth quarter worth about $54,000. Finally, Harbour Investments Inc. purchased a new position in Array Digital Infrastructure in the fourth quarter worth about $61,000. 18.03% of the stock is owned by institutional investors.

Array Digital Infrastructure Stock Up 0.3%

AD opened at $34.94 on Monday. Array Digital Infrastructure has a twelve month low of $33.71 and a twelve month high of $79.17. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.36. The company's 50-day moving average price is $40.08 and its two-hundred day moving average price is $46.22. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of 14.50 and a beta of 0.25.

Array Digital Infrastructure Announces Dividend

The business also recently declared a special dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were paid a $11.00 dividend. The ex-dividend date of this dividend was Thursday, June 11th.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source