Array Digital Infrastructure Inc. (NYSE:AD) Stock Rated "Hold" by Sell-Side Brokerages

Key Points

• Analyst consensus is Hold: Of six analysts covering Array Digital Infrastructure, three rate it Buy, two Hold, and one Sell; the average 12-month price target is $47.40.
• The stock opened at $28.99, near its 52-week low of $28.80 and below its 50-day and 200-day moving averages of $34.47 and $41.76.
• Quarterly results beat expectations: EPS was $0.80 versus the $0.07 consensus estimate, while revenue reached $53.87 million, up 14.4% year over year.

Array Digital Infrastructure Inc. (NYSE:AD - Get Free Report) has earned an average recommendation of "Hold" from the six analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $47.40.

AD has been the subject of a number of research analyst reports. JPMorgan Chase & Co. dropped their price target on Array Digital Infrastructure from $54.00 to $45.00 and set an "overweight" rating for the company in a research note on Wednesday, August 19th. Weiss Ratings downgraded Array Digital Infrastructure from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, October 19th. Finally, Citigroup lowered their price objective on Array Digital Infrastructure from $45.02 to $45.00 and set a "buy" rating on the stock in a research report on Thursday, August 13th.

Array Digital Infrastructure Stock Performance

Array Digital Infrastructure stock opened at $28.99 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 0.95 and a debt-to-equity ratio of 0.50. The firm has a market cap of $2.51 billion, a P/E ratio of 3.90 and a beta of 0.34. Array Digital Infrastructure has a 1-year low of $28.80 and a 1-year high of $60.82. The firm has a 50-day moving average of $34.47 and a 200-day moving average of $41.76.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last announced its quarterly earnings results on Friday, November 6th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.73. The company had revenue of $53.87 million for the quarter. Array Digital Infrastructure had a return on equity of 8.67% and a net margin of 291.79%. The firm's revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.44) EPS. Sell-side analysts expect that Array Digital Infrastructure will post 1.15 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue boosted its holdings in shares of Array Digital Infrastructure by 0.5% in the third quarter. State of Alaska Department of Revenue now owns 87,182 shares of the company's stock worth $2,939,000 after buying an additional 423 shares during the last quarter. Signaturefd LLC increased its holdings in Array Digital Infrastructure by 38.7% during the third quarter. Signaturefd LLC now owns 1,954 shares of the company's stock valued at $66,000 after buying an additional 545 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Array Digital Infrastructure in the first quarter worth approximately $33,000. Fifth Third Bancorp raised its position in Array Digital Infrastructure by 414.9% in the third quarter. Fifth Third Bancorp now owns 1,519 shares of the company's stock worth $51,000 after acquiring an additional 1,224 shares during the period. Finally, Waverly Advisors LLC raised its holdings in Array Digital Infrastructure by 10.5% in the 2nd quarter. Waverly Advisors LLC now owns 21,411 shares of the company's stock worth $776,000 after purchasing an additional 2,037 shares during the period. 18.03% of the stock is owned by hedge funds and other institutional investors.

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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