Array Digital Infrastructure Inc. (NYSE:AD) Short Interest Update

Key Points

• Short interest jumped 31.5% to 2,062,503 shares as of April 15, implying a short-interest ratio of 15.1 days and about 2.4% of the company's stock sold short.
• Several brokers trimmed price targets (e.g., RBC to $54, Wells Fargo to $54, Citigroup to $57), yet the consensus remains an average rating of "Moderate Buy" with an average target of $54.50 (3 Buy, 2 Hold).
• Array reported a quarterly EPS of $0.48 (vs. $0.30 expected) and revenue of $60.33M, up 131.2% year-over-year, while the stock trades near $48.21 with a PE of 86.09 and a 1-year range of $44.03–$79.17.

Array Digital Infrastructure Inc. (NYSE:AD - Get Free Report) was the recipient of a large increase in short interest in April. As of April 15th, there was short interest totaling 2,062,503 shares, an increase of 31.5% from the March 31st total of 1,568,020 shares. Based on an average daily trading volume, of 137,035 shares, the short-interest ratio is currently 15.1 days. Approximately 2.4% of the company's stock are sold short.

Analyst Ratings Changes

Several brokerages recently issued reports on AD. Royal Bank Of Canada decreased their price target on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an "outperform" rating for the company in a research note on Monday, March 9th. Weiss Ratings raised shares of Array Digital Infrastructure from a "sell (d)" rating to a "hold (c)" rating in a research note on Monday, March 16th. Wall Street Zen upgraded shares of Array Digital Infrastructure from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. Wells Fargo & Company decreased their target price on shares of Array Digital Infrastructure from $62.00 to $54.00 and set an "overweight" rating for the company in a research note on Thursday, February 12th. Finally, Citigroup lowered their target price 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. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $54.50.

Array Digital Infrastructure Price Performance

Shares of NYSE:AD opened at $48.21 on Wednesday. The business has a fifty day moving average price of $48.20 and a 200-day moving average price of $49.53. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $4.17 billion, a PE ratio of 86.09 and a beta of 0.17. Array Digital Infrastructure has a 1-year low of $44.03 and a 1-year high of $79.17.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last announced its quarterly earnings results on Friday, February 20th. The company reported $0.48 earnings per share (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 net margin of 2.51% and a return on equity of 4.89%. The company's revenue for the quarter was up 131.2% on a year-over-year basis. As a group, equities analysts expect that Array Digital Infrastructure will post 5.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Array Digital Infrastructure

A number of institutional investors have recently made changes to their positions in the company. Royal Bank of Canada purchased a new position in Array Digital Infrastructure in the 4th quarter worth approximately $25,000. Quadrant Capital Group LLC purchased a new stake in Array Digital Infrastructure during the 4th quarter valued at $48,000. Empowered Funds LLC bought a new stake in shares of Array Digital Infrastructure in the 4th quarter worth $54,000. Harbour Investments Inc. bought a new stake in shares of Array Digital Infrastructure in the 4th quarter worth $61,000. Finally, Signaturefd LLC purchased a new position in shares of Array Digital Infrastructure in the fourth quarter worth $73,000. Hedge funds and other institutional investors own 18.03% of the company's stock.

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.

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