Array Digital Infrastructure (NYSE:AD) Sets New 52-Week Low - Here's Why

Key Points

• Array Digital Infrastructure shares fell 2.3% to a new 52-week low of $32.66, well below their 50-day and 200-day moving averages.
• Analysts have recently reduced price targets, including JPMorgan’s cut to $45 and RBC’s to $40, but the stock retains a consensus “Moderate Buy” rating with an average target of $47.40.
• The company reported quarterly EPS of $4.15, far above the $0.27 consensus estimate, while institutional investors—including Bank of America and BlackRock—built new positions; institutions own 18.03% of the stock.

Array Digital Infrastructure Inc. (NYSE:AD - Get Free Report) shares hit a new 52-week low during trading on Monday. The stock traded as low as $32.66 and last traded at $32.7050, with a volume of 68,024 shares trading hands. The stock had previously closed at $33.47.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. 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. Weiss Ratings lowered Array Digital Infrastructure from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, August 20th. Citigroup lowered their price target on Array Digital Infrastructure from $45.02 to $45.00 and set a "buy" rating for the company in a report on Thursday, August 13th. Finally, Royal Bank Of Canada dropped their price objective on Array Digital Infrastructure from $52.00 to $40.00 and set a "sector perform" rating for the company in a research report on Friday, July 10th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $47.40.

Array Digital Infrastructure Stock Down 2.3%

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $2.83 billion, a P/E ratio of 5.28 and a beta of 0.29. The stock's fifty day simple moving average is $35.64 and its two-hundred day simple moving average is $40.81.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $4.15 earnings per share (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, research analysts expect that Array Digital Infrastructure Inc. will post 1.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AD. Dimensional Fund Advisors LP increased its stake in shares of Array Digital Infrastructure by 2.6% in the first 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 during the period. Bank of America Corp DE bought a new position in shares of Array Digital Infrastructure during the second quarter worth about $26,853,000. BlackRock Inc. bought a new position in shares of Array Digital Infrastructure during the second quarter worth about $14,537,000. Tiptree Advisors LLC bought a new position in shares of Array Digital Infrastructure during the second quarter worth about $7,365,000. Finally, Pacer Advisors Inc. acquired a new position in shares of Array Digital Infrastructure in the fourth quarter worth approximately $7,074,000. 18.03% of the stock is owned by 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.