Array Digital Infrastructure (NYSE:AD) Reaches New 52-Week Low - What's Next?

Key Points

• Array Digital Infrastructure hit a new 52-week low, falling to $28.80 intraday and last trading at $30.513, below its prior close of $31.37.
• Analysts’ average rating is Hold, with an average price target of $47.40; several firms recently cut their targets, while Weiss Ratings downgraded the stock to Sell.
• The company reported quarterly EPS of $0.80, beating the $0.07 consensus estimate, and revenue of $53.87 million, up 14.4% year over year.

Array Digital Infrastructure Inc. (NYSE:AD - Get Free Report) shares hit a new 52-week low during trading on Friday. The stock traded as low as $28.80 and last traded at $30.5130, with a volume of 20,083 shares. The stock had previously closed at $31.37.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. 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 report on Friday, July 10th. Citigroup decreased their target price on 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. JPMorgan Chase & Co. lowered 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. Finally, Weiss Ratings lowered Array Digital Infrastructure from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, October 19th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Array Digital Infrastructure presently has an average rating of "Hold" and an average target price of $47.40.

Array Digital Infrastructure Stock Performance

The company has a market capitalization of $2.64 billion, a P/E ratio of 4.93 and a beta of 0.34. The company's 50 day moving average is $34.85 and its 200-day moving average is $42.19. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.52.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last posted its quarterly earnings data on Friday, November 6th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.07 by $0.73. The business had revenue of $53.87 million for the quarter. Array Digital Infrastructure had a net margin of 250.79% and a return on equity of 8.52%. The company's revenue was up 14.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.44) EPS. Equities analysts anticipate that Array Digital Infrastructure Inc. will post 1.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Array Digital Infrastructure

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in Array Digital Infrastructure by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,299,582 shares of the company's stock valued at $106,102,000 after buying an additional 57,198 shares in the last quarter. Bank of America Corp DE bought a new stake in Array Digital Infrastructure in the second quarter worth $26,853,000. BlackRock Inc. bought a new stake in Array Digital Infrastructure in the second quarter worth $14,537,000. Tiptree Advisors LLC bought a new stake in Array Digital Infrastructure in the second quarter worth $7,365,000. Finally, First Trust Advisors LP grew its stake in shares of Array Digital Infrastructure by 15.4% in the first quarter. First Trust Advisors LP now owns 111,534 shares of the company's stock worth $5,146,000 after acquiring an additional 14,867 shares during the last quarter. 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.

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