Array Digital Infrastructure (NYSE:AD) Price Target Cut to $45.00 by Analysts at Citigroup

Key Points

• Citigroup cut Array Digital Infrastructure’s price target slightly from $45.02 to $45.00 while maintaining a “buy” rating, implying 26.12% upside from the previous close.
• Analyst sentiment is mixed, but the stock carries a consensus “Moderate Buy” rating and an average price target of $49.20; ratings include three buys and three holds, along with recent downgrades.
• AD shares rose 1.5% to $35.68 in Thursday trading, well below the 12-month high of $77.13. Hedge funds and other institutions own approximately 18.03% of the company.

Array Digital Infrastructure (NYSE:AD - Get Free Report) had its price objective cut by equities research analysts at Citigroup from $45.02 to $45.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price would indicate a potential upside of 26.12% from the company's previous close.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Array Digital Infrastructure in a research note on Thursday, June 11th. Wall Street Zen cut Array Digital Infrastructure from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Raymond James Financial lowered Array Digital Infrastructure from an "outperform" rating to a "market perform" rating in a research note on Monday, May 11th. Royal Bank Of Canada cut their price objective on Array Digital Infrastructure from $52.00 to $40.00 and set a "sector perform" rating on the stock in a report on Friday, July 10th. Finally, JPMorgan Chase & Co. reduced their price objective on Array Digital Infrastructure from $60.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 26th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, Array Digital Infrastructure currently has an average rating of "Moderate Buy" and an average price target of $49.20.

Array Digital Infrastructure Trading Up 1.5%

AD stock traded up $0.54 during midday trading on Thursday, hitting $35.68. The stock had a trading volume of 131,020 shares, compared to its average volume of 290,171. The firm has a market cap of $3.08 billion, a PE ratio of 5.75 and a beta of 0.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.03 and a quick ratio of 1.03. Array Digital Infrastructure has a 12-month low of $33.71 and a 12-month high of $77.13. The company's 50-day moving average price is $37.54 and its 200 day moving average price is $44.99.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AD. Dimensional Fund Advisors LP grew its stake in shares of Array Digital Infrastructure by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company's stock valued at $106,102,000 after buying an additional 57,198 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Array Digital Infrastructure by 423.0% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 99,990 shares of the company's stock worth $4,614,000 after acquiring an additional 80,872 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Array Digital Infrastructure in the 4th quarter worth approximately $1,000,000. Carlson Capital L.P. acquired a new stake in Array Digital Infrastructure in the fourth quarter valued at approximately $504,000. Finally, Gamco Investors INC. ET AL acquired a new stake in Array Digital Infrastructure in the fourth quarter valued at approximately $51,720,000. 18.03% of the stock is owned by hedge funds and other institutional investors.

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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