Array Digital Infrastructure Inc. (NYSE:AD) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Array Digital Infrastructure has a “Moderate Buy” consensus among six analysts, split evenly between three buy and three hold ratings. The average 12-month price target is $47.40, above the stock’s reported $35.50 opening price.
• Analysts recently lowered their price targets, including RBC to $40 and JPMorgan to $45, while maintaining sector-perform and overweight ratings, respectively. Citigroup maintained a buy rating with a $45 target.
• The company reported quarterly EPS of $4.15, far exceeding the $0.27 consensus estimate, on revenue of $54.07 million. Institutional investors own approximately 18.03% of the stock, with several funds increasing their positions.

Array Digital Infrastructure Inc. (NYSE:AD - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the six brokerages that are covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $47.40.

Several analysts have recently weighed in on AD shares. Royal Bank Of Canada reduced their price objective on shares of Array Digital Infrastructure from $52.00 to $40.00 and set a "sector perform" rating for the company in a research report on Friday, July 10th. JPMorgan Chase & Co. cut their price target on shares of Array Digital Infrastructure from $54.00 to $45.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 19th. Weiss Ratings cut shares of Array Digital Infrastructure from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, August 20th. Finally, Citigroup decreased their price objective on shares of Array Digital Infrastructure from $45.02 to $45.00 and set a "buy" rating for the company in a research note on Thursday, August 13th.

Array Digital Infrastructure Price Performance

Shares of NYSE AD opened at $35.50 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.95 and a current ratio of 0.95. Array Digital Infrastructure has a fifty-two week low of $33.71 and a fifty-two week high of $60.82. The firm has a market capitalization of $3.07 billion, a PE ratio of 5.73 and a beta of 0.28. The stock's 50-day simple moving average is $35.97 and its 200-day simple moving average is $42.61.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $4.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $3.88. The firm had revenue of $54.07 million during the quarter. Array Digital Infrastructure had a return on equity of 8.52% and a net margin of 250.79%. As a group, equities research analysts forecast that Array Digital Infrastructure will post 0.8 EPS for the current fiscal year.

Institutional Trading of Array Digital Infrastructure

Several institutional investors and hedge funds have recently made changes to their positions in AD. Engineers Gate Manager LP boosted its position in shares of Array Digital Infrastructure by 132.1% in the 2nd quarter. Engineers Gate Manager LP now owns 29,603 shares of the company's stock valued at $1,073,000 after purchasing an additional 16,851 shares during the period. Waverly Advisors LLC increased its position in Array Digital Infrastructure by 10.5% during the second quarter. Waverly Advisors LLC now owns 21,411 shares of the company's stock worth $776,000 after buying an additional 2,037 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Array Digital Infrastructure in the second quarter valued at approximately $411,000. Navellier & Associates Inc. lifted its stake in Array Digital Infrastructure by 41.3% in the second quarter. Navellier & Associates Inc. now owns 11,002 shares of the company's stock valued at $399,000 after buying an additional 3,213 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Array Digital Infrastructure in the second quarter valued at approximately $26,853,000. 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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