Tiptree Advisors LLC Purchases New Position in Array Digital Infrastructure Inc. $AD

Key Points

• Tiptree Advisors LLC purchased 203,115 shares of Array Digital Infrastructure in the second quarter, valued at approximately $7.4 million. The position represents about 4.6% of the fund’s portfolio and 0.24% of the company’s shares.
• Array Digital Infrastructure reported quarterly EPS of $4.15, far exceeding the $0.27 consensus estimate, on revenue of $54.1 million. The company also paid a special $11.00-per-share dividend in June.
• AD shares opened at $35.55, near their 52-week low, while analysts have lowered several price targets; however, the stock retains a “Moderate Buy” consensus rating with an average target of $47.40.

Tiptree Advisors LLC purchased a new stake in Array Digital Infrastructure Inc. (NYSE:AD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 203,115 shares of the company's stock, valued at approximately $7,365,000. Array Digital Infrastructure accounts for approximately 4.6% of Tiptree Advisors LLC's portfolio, making the stock its 8th biggest position. Tiptree Advisors LLC owned approximately 0.24% of Array Digital Infrastructure at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Dimensional Fund Advisors LP acquired a new stake in shares of Array Digital Infrastructure during the 4th quarter worth approximately $120,237,000. Jericho Capital Asset Management L.P. purchased a new stake in Array Digital Infrastructure during the fourth quarter worth $97,366,000. Vanguard Group Inc. acquired a new stake in Array Digital Infrastructure during the fourth quarter valued at $76,634,000. Gamco Investors INC. ET AL acquired a new stake in Array Digital Infrastructure during the fourth quarter valued at $51,720,000. Finally, Loomis Sayles & Co. L P purchased a new position in Array Digital Infrastructure in the fourth quarter valued at $40,842,000. Hedge funds and other institutional investors own 18.03% of the company's stock.

Array Digital Infrastructure Stock Down 0.9%

AD stock opened at $35.55 on Thursday. Array Digital Infrastructure Inc. has a 52 week low of $33.71 and a 52 week high of $60.82. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.52. The firm has a 50-day simple moving average of $35.54 and a 200-day simple moving average of $44.12. The stock has a market capitalization of $3.08 billion, a P/E ratio of 5.73 and a beta of 0.26.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The company reported $4.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $54.07 million for the quarter. Equities analysts forecast that Array Digital Infrastructure Inc. will post 0.8 earnings per share for the current fiscal year.

Array Digital Infrastructure Dividend Announcement

The company also recently announced a special dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were given a $11.00 dividend. The ex-dividend date was Thursday, June 11th.

Analysts Set New Price Targets

Several research firms have recently issued reports on AD. Royal Bank Of Canada lowered their target price on shares of 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. Weiss Ratings cut Array Digital Infrastructure from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, August 20th. JPMorgan Chase & Co. lowered their price target on Array Digital Infrastructure from $54.00 to $45.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 19th. Wall Street Zen lowered Array Digital Infrastructure from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Raymond James Financial cut Array Digital Infrastructure from an "outperform" rating to a "market perform" rating in a research report on Monday, May 11th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $47.40.

Array Digital Infrastructure 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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