Array Digital Infrastructure (NYSE:AD) Given New $45.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Array Digital Infrastructure’s price target to $45 from $54 while maintaining an “overweight” rating, implying 26.67% upside from the prior close.
• Analyst sentiment remains mixed but leans positive: the stock has a “Moderate Buy” consensus rating and a $47.40 average price target, despite recent downgrades and target cuts from other firms.
• Shares rose 1.4% to $35.52, while the company reported quarterly EPS of $4.15—well above the $0.27 consensus estimate—on revenue of $54.07 million.

Array Digital Infrastructure (NYSE:AD - Get Free Report) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $54.00 to $45.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 26.67% from the company's previous close.

AD has been the topic of several other reports. Royal Bank Of Canada reduced their price objective 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. Weiss Ratings reissued a "hold (c)" rating on shares of Array Digital Infrastructure in a report on Thursday, June 11th. Citigroup decreased their price target on shares of Array Digital Infrastructure from $45.02 to $45.00 and set a "buy" rating for the company in a report on Thursday, August 13th. Raymond James Financial lowered shares of Array Digital Infrastructure from an "outperform" rating to a "market perform" rating in a research note on Monday, May 11th. Finally, Wall Street Zen downgraded Array Digital Infrastructure from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.40.

Array Digital Infrastructure Stock Up 1.4%

Shares of AD traded up $0.47 during midday trading on Wednesday, hitting $35.52. The company had a trading volume of 126,787 shares, compared to its average volume of 286,264. The company's 50 day moving average price is $36.29 and its 200 day moving average price is $44.66. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of 5.73 and a beta of 0.26. Array Digital Infrastructure has a 52 week low of $33.71 and a 52 week high of $60.82. 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 (NYSE:AD - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The company reported $4.15 EPS for the quarter, topping the consensus estimate of $0.27 by $3.88. The business 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 research analysts predict that Array Digital Infrastructure will post 0.8 EPS for the current year.

Institutional Trading of Array Digital Infrastructure

A number of institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada acquired a new position in shares of Array Digital Infrastructure during the fourth quarter valued at approximately $25,000. Public Employees Retirement System of Ohio acquired a new stake in Array Digital Infrastructure in the first quarter worth approximately $33,000. Quadrant Capital Group LLC acquired a new stake in Array Digital Infrastructure in the fourth quarter worth approximately $48,000. Empowered Funds LLC bought a new position in Array Digital Infrastructure during the 4th quarter valued at $54,000. Finally, Harbour Investments Inc. bought a new position in Array Digital Infrastructure during the 4th quarter valued at $61,000. 18.03% of the stock is 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.

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