Newtyn Management LLC Sells 1,019,766 Shares of Array Digital Infrastructure Inc. $AD

Key Points

• Newtyn Management cut its Array Digital Infrastructure stake by 63.1% in the second quarter, selling 1,019,766 shares and retaining 597,090 shares worth approximately $21.65 million.
• Array Digital Infrastructure reported quarterly EPS of $4.15, far exceeding the $0.27 consensus estimate, on revenue of $54.07 million. Institutional investors collectively own 18.03% of the company.
• The stock opened at $36.00, near its 52-week low, while analysts’ consensus rating remains “Moderate Buy” with an average price target of $47.40; several firms recently lowered their targets or ratings.

Newtyn Management LLC lessened its holdings in shares of Array Digital Infrastructure Inc. (NYSE:AD - Free Report) by 63.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 597,090 shares of the company's stock after selling 1,019,766 shares during the quarter. Array Digital Infrastructure comprises approximately 2.8% of Newtyn Management LLC's portfolio, making the stock its 16th biggest holding. Newtyn Management LLC owned 0.69% of Array Digital Infrastructure worth $21,650,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of AD. Royal Bank of Canada bought a new stake in shares of Array Digital Infrastructure in the fourth quarter valued at approximately $25,000. Public Employees Retirement System of Ohio bought a new position in Array Digital Infrastructure in the 1st quarter worth approximately $33,000. Quadrant Capital Group LLC bought a new position in Array Digital Infrastructure in the 4th quarter worth approximately $48,000. Empowered Funds LLC purchased a new position in Array Digital Infrastructure in the 4th quarter valued at approximately $54,000. Finally, Harbour Investments Inc. purchased a new position in Array Digital Infrastructure in the 4th quarter valued at approximately $61,000. Hedge funds and other institutional investors own 18.03% of the company's stock.

Array Digital Infrastructure Stock Performance

Array Digital Infrastructure stock opened at $36.00 on Monday. Array Digital Infrastructure Inc. has a 1-year low of $33.71 and a 1-year high of $60.82. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $3.11 billion, a PE ratio of 5.81 and a beta of 0.26. The firm's 50 day simple moving average is $35.41 and its 200 day simple moving average is $43.93.

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on AD shares. Royal Bank Of Canada dropped their target price on Array Digital Infrastructure from $52.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Friday, July 10th. Wall Street Zen cut Array Digital Infrastructure from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Citigroup decreased their price objective 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. Raymond James Financial cut Array Digital Infrastructure from an "outperform" rating to a "market perform" rating in a report on Monday, May 11th. Finally, 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. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Array Digital Infrastructure has an average rating of "Moderate Buy" and a consensus price target of $47.40.

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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