Array Digital Infrastructure (NYSE:AD) Reaches New 1-Year Low - Should You Sell?

Key Points

• Array Digital Infrastructure shares hit a new 52-week low, falling to $31.35 and trading below both their 50-day ($35.25) and 200-day ($42.95) moving averages.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and a $47.40 average price target, while several firms recently lowered their targets and Weiss Ratings downgraded the shares to “Sell.”
• The company reported quarterly EPS of $4.15, far above the $0.27 consensus estimate, on $54.07 million in revenue. Hedge funds and other institutional investors own approximately 18.03% of the stock.

Shares of Array Digital Infrastructure Inc. (NYSE:AD - Get Free Report) reached a new 52-week low during trading on Wednesday. The stock traded as low as $31.35 and last traded at $31.83, with a volume of 103,944 shares changing hands. The stock had previously closed at $32.41.

Analyst Ratings Changes

A number of research firms recently commented on AD. JPMorgan Chase & Co. decreased their price objective on Array Digital Infrastructure from $54.00 to $45.00 and set an "overweight" rating on the stock in a report on Wednesday, August 19th. Weiss Ratings cut Array Digital Infrastructure from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, October 19th. Citigroup reduced their target price 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. Finally, Royal Bank Of Canada reduced 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. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Array Digital Infrastructure has a consensus rating of "Hold" and a consensus price target of $47.40.

Array Digital Infrastructure Price Performance

The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 5.12 and a beta of 0.29. 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 company's fifty day moving average is $35.25 and its two-hundred day moving average is $42.95.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported $4.15 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 company had revenue of $54.07 million for the quarter. As a group, research analysts predict that Array Digital Infrastructure Inc. will post 1.15 earnings per share for the current year.

Hedge Funds Weigh In On Array Digital Infrastructure

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE purchased a new position in Array Digital Infrastructure in the 2nd quarter valued at approximately $26,853,000. BlackRock Inc. acquired a new position in shares of Array Digital Infrastructure in the second quarter worth $14,537,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Array Digital Infrastructure by 423.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 99,990 shares of the company's stock worth $4,614,000 after acquiring an additional 80,872 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Array Digital Infrastructure by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company's stock worth $106,102,000 after acquiring an additional 57,198 shares during the period. Finally, Polar Asset Management Partners Inc. purchased a new stake in shares of Array Digital Infrastructure during the second quarter worth $3,147,000. 18.03% of the stock is currently 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.

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.