Bank of America Corp DE Buys New Shares in Array Digital Infrastructure Inc. $AD

Key Points

• Bank of America bought 740,572 shares of Array Digital Infrastructure worth approximately $26.9 million, representing about 0.86% of the company; institutional investors collectively own 18.03%.
• Analyst sentiment remains moderately positive, with three Buy and three Hold ratings and a consensus price target of $47.40, despite recent target cuts from JPMorgan and RBC.
• AD shares opened at $34.95, near their 12-month low of $33.71, while the company reported quarterly EPS of $4.15 versus expectations of $0.27 and revenue of $54.07 million.

Bank of America Corp DE purchased a new position in Array Digital Infrastructure Inc. (NYSE:AD - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 740,572 shares of the company's stock, valued at approximately $26,853,000. Bank of America Corp DE owned about 0.86% of Array Digital Infrastructure at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio acquired a new position in shares of Array Digital Infrastructure during the 1st quarter valued at about $33,000. Harbour Investments Inc. acquired a new stake in shares of Array Digital Infrastructure in the fourth quarter worth approximately $61,000. Weiss Asset Management LP purchased a new stake in Array Digital Infrastructure in the first quarter valued at approximately $206,000. Jupiter Topco LLC purchased a new stake in Array Digital Infrastructure in the second quarter valued at approximately $229,000. Finally, Inceptionr LLC purchased a new position in Array Digital Infrastructure during the first quarter worth approximately $295,000. Hedge funds and other institutional investors own 18.03% of the company's stock.

Analysts Set New Price Targets

AD has been the subject of a number of research reports. JPMorgan Chase & Co. lowered their price target on Array Digital Infrastructure from $54.00 to $45.00 and set an "overweight" rating for the company in a research report on Wednesday, August 19th. Weiss Ratings downgraded Array Digital Infrastructure from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, August 20th. Royal Bank Of Canada reduced their price objective on Array Digital Infrastructure from $52.00 to $40.00 and set a "sector perform" rating on the stock in a research note on Friday, July 10th. Finally, Citigroup decreased their price target on shares of Array Digital Infrastructure from $45.02 to $45.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.40.

Array Digital Infrastructure Stock Performance

Shares of AD stock opened at $34.95 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.95 and a quick ratio of 0.95. The company's fifty day moving average price is $36.00 and its two-hundred day moving average price is $42.41. The firm has a market capitalization of $3.02 billion, a P/E ratio of 5.64 and a beta of 0.28. Array Digital Infrastructure Inc. has a 12 month low of $33.71 and a 12 month high of $60.82.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last announced 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. Array Digital Infrastructure had a return on equity of 8.52% and a net margin of 250.79%.The business had revenue of $54.07 million for the quarter. On average, research analysts anticipate that Array Digital Infrastructure Inc. will post 1.15 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.