Array Digital Infrastructure (NYSE:AD) Reaches New 52-Week Low After Analyst Downgrade

Key Points

• Array Digital Infrastructure (NYSE:AD) hit a new 52-week low after Royal Bank of Canada cut its price target from $52 to $40, while maintaining a sector perform rating. The stock traded as low as $34.09 intraday.
• Analyst sentiment remains cautious overall, with the consensus rating at Hold and an average target price of $51.60. Recent moves included additional downgrades from Wall Street Zen and Raymond James, plus a lower target from JPMorgan.
• The company recently paid a special dividend of $11.00 per share, and institutional investors still own a notable portion of the stock, with hedge funds and other institutions holding about 18.03%.

Array Digital Infrastructure Inc. (NYSE:AD - Get Free Report) shares reached a new 52-week low during mid-day trading on Monday after Royal Bank Of Canada lowered their price target on the stock from $52.00 to $40.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Array Digital Infrastructure traded as low as $34.09 and last traded at $34.6260, with a volume of 138480 shares trading hands. The stock had previously closed at $34.65.

A number of other research analysts also recently issued reports on AD. Weiss Ratings restated a "hold (c)" rating on shares of Array Digital Infrastructure in a research report on Thursday, June 11th. Wall Street Zen lowered shares of Array Digital Infrastructure from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Raymond James Financial cut shares of Array Digital Infrastructure from an "outperform" rating to a "market perform" rating in a report on Monday, May 11th. Finally, JPMorgan Chase & Co. decreased their target price on Array Digital Infrastructure from $60.00 to $54.00 and set an "overweight" rating for the company in a research note on Tuesday, May 26th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $51.60.

Hedge Funds Weigh In On Array Digital Infrastructure

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in Array Digital Infrastructure by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company's stock valued at $106,102,000 after acquiring an additional 57,198 shares during the period. Jericho Capital Asset Management L.P. acquired a new position in Array Digital Infrastructure during the 4th quarter worth $97,366,000. Vanguard Group Inc. bought a new position in shares of Array Digital Infrastructure in the fourth quarter worth $76,634,000. Gamco Investors INC. ET AL acquired a new position in shares of Array Digital Infrastructure during the fourth quarter valued at $51,720,000. Finally, Loomis Sayles & Co. L P acquired a new position in shares of Array Digital Infrastructure during the fourth quarter valued at $40,842,000. 18.03% of the stock is currently owned by institutional investors and hedge funds.

Array Digital Infrastructure Trading Up 0.0%

The business's 50 day moving average is $44.98 and its two-hundred day moving average is $48.22. 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 firm has a market capitalization of $2.99 billion, a P/E ratio of 14.37 and a beta of 0.25.

Array Digital Infrastructure Announces Dividend

The business also recently announced a special dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were paid a dividend of $11.00 per share. 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.

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