86,793 Shares in Array Digital Infrastructure Inc. $AD Bought by Polar Asset Management Partners Inc.

Key Points

• Polar Asset Management bought 86,793 shares of Array Digital Infrastructure in the second quarter, valued at approximately $3.15 million and representing a 0.10% stake. Several other institutions, including BlackRock, also initiated positions; institutional ownership stands at 18.03%.
• Array Digital Infrastructure reported quarterly EPS of $4.15, far exceeding the $0.27 analyst consensus, on revenue of $54.07 million. The company also paid a special $11.00 dividend to eligible shareholders in June.
• The stock opened at $35.84, well below its 12-month high of $60.82. Analysts have lowered price targets, but the shares retain a consensus “Moderate Buy” rating with an average target of $47.40.

Polar Asset Management Partners Inc. purchased a new position in Array Digital Infrastructure Inc. (NYSE:AD - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 86,793 shares of the company's stock, valued at approximately $3,147,000. Polar Asset Management Partners Inc. owned 0.10% of Array Digital Infrastructure as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Jupiter Topco LLC bought a new stake in Array Digital Infrastructure during the second quarter worth about $229,000. Legal & General Group Plc bought a new position in Array Digital Infrastructure in the 2nd quarter valued at about $305,000. Quantbot Technologies LP acquired a new position in shares of Array Digital Infrastructure in the 2nd quarter valued at approximately $681,000. BlackRock Inc. acquired a new position in shares of Array Digital Infrastructure in the 2nd quarter valued at approximately $14,537,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Array Digital Infrastructure during the 2nd quarter worth approximately $625,000. Institutional investors and hedge funds own 18.03% of the company's stock.

Array Digital Infrastructure Trading Up 0.7%

NYSE AD opened at $35.84 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.52. Array Digital Infrastructure Inc. has a twelve month low of $33.71 and a twelve month high of $60.82. The company has a market cap of $3.10 billion, a price-to-earnings ratio of 5.78 and a beta of 0.26. The business's fifty day moving average is $35.61 and its 200 day moving average is $44.21.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last issued its earnings results on Friday, August 7th. The company reported $4.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $3.88. The business 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, sell-side analysts expect that Array Digital Infrastructure Inc. will post 0.8 EPS for the current fiscal year.

Array Digital Infrastructure Dividend Announcement

The firm also recently disclosed a special dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were issued a $11.00 dividend. The ex-dividend date was Thursday, June 11th.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Weiss Ratings cut shares of Array Digital Infrastructure from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, August 20th. JPMorgan Chase & Co. cut their target price 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. Citigroup decreased their price target on Array Digital Infrastructure from $45.02 to $45.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. Royal Bank Of Canada lowered their price target on Array Digital Infrastructure from $52.00 to $40.00 and set a "sector perform" rating for the company in a report on Friday, July 10th. Finally, Wall Street Zen downgraded Array Digital Infrastructure from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.40.

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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