Array Digital Infrastructure (NYSE:AD) Sees Large Volume Increase - Time to Buy?

Key Points

• Trading volume surged: 2,068,778 shares traded on Monday, a 682% increase from the prior session, with the stock last near $45.96.
• Strong quarterly beat and special dividend: Q4 EPS was $0.48 vs. $0.30 expected and revenue rose 131.2% YoY to $60.33M, and the company paid a $10.25 special dividend on Feb 2.
• Analyst view mixed but positive overall: Several firms cut price targets but consensus is a Moderate Buy with an average target of $54.50 (3 Buys, 2 Holds).

Array Digital Infrastructure Inc. (NYSE:AD - Get Free Report) shares saw strong trading volume on Monday . 2,068,778 shares were traded during trading, an increase of 682% from the previous session's volume of 264,383 shares.The stock last traded at $45.96 and had previously closed at $46.54.

Analyst Upgrades and Downgrades

AD has been the topic of several recent analyst reports. Citigroup cut their price target on Array Digital Infrastructure from $63.00 to $57.00 and set a "buy" rating on the stock in a research note on Monday, February 23rd. Raymond James Financial set a $53.00 target price on Array Digital Infrastructure in a research report on Monday, February 23rd. Royal Bank Of Canada reduced their target price on 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 report on Monday, March 16th. Finally, Wells Fargo & Company dropped their price target 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. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Array Digital Infrastructure currently has an average rating of "Moderate Buy" and an average price target of $54.50.

Array Digital Infrastructure Stock Up 2.4%

The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 83.63 and a beta of 0.18. The stock has a 50 day moving average of $49.16 and a 200 day moving average of $49.70.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last announced its quarterly earnings data on Friday, February 20th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.18. Array Digital Infrastructure had a return on equity of 4.89% and a net margin of 2.51%.The firm had revenue of $60.33 million for the quarter. The business's quarterly revenue was up 131.2% compared to the same quarter last year.

Array Digital Infrastructure Dividend Announcement

The company also recently declared a special dividend, which was paid on Monday, February 2nd. Investors of record on Friday, January 23rd were given a dividend of $10.25 per share. The ex-dividend date of this dividend was Friday, January 23rd.

Hedge Funds Weigh In On Array Digital Infrastructure

A number of hedge funds have recently added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. bought a new stake in Array Digital Infrastructure during the fourth quarter valued at $910,000. Aberdeen Group plc bought a new position in shares of Array Digital Infrastructure in the 4th quarter worth about $15,528,000. Harbor Capital Advisors Inc. acquired a new position in shares of Array Digital Infrastructure in the 4th quarter valued at about $99,000. Signaturefd LLC acquired a new position in shares of Array Digital Infrastructure in the 4th quarter valued at about $73,000. Finally, State of Alaska Department of Revenue acquired a new stake in Array Digital Infrastructure during the fourth quarter worth about $5,187,000. Institutional investors and hedge funds own 18.03% of the company's stock.

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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