Array Digital Infrastructure (NYSE:AD) Sets New 52-Week Low - Time to Sell?

Key Points

• Array Digital Infrastructure hit a new 52-week low: Shares fell to $27.45 intraday and were last quoted at $27.15, below the prior close of $27.75.
• Analysts’ consensus rating is Hold, with an average price target of $47.40. JPMorgan lowered its target to $45 while maintaining an Overweight rating, and Weiss 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)'s share price hit a new 52-week low during trading on Thursday. The company traded as low as $27.45 and last traded at $27.15, with a volume of 15,937 shares traded. The stock had previously closed at $27.75.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of Array Digital Infrastructure from $54.00 to $45.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 19th. Citigroup lowered their price target on shares of 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, Weiss Ratings downgraded shares of Array Digital Infrastructure from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, October 19th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $47.40.

Array Digital Infrastructure Stock Down 0.7%

The firm has a 50-day moving average price of $34.29 and a two-hundred day moving average price of $41.66. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of 3.70 and a beta of 0.34. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.95 and a current ratio of 1.11.

Array Digital Infrastructure (NYSE:AD - Get Free Report) last posted its earnings results on Friday, November 6th. The company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.73. The firm had revenue of $53.87 million for the quarter. Array Digital Infrastructure had a net margin of 291.79% and a return on equity of 8.67%. The company's quarterly revenue was up 14.4% on a year-over-year basis. During the same period last year, the business earned ($0.44) earnings per share. On average, sell-side analysts forecast that Array Digital Infrastructure Inc. will post 1.99 earnings per share for the current year.

Hedge Funds Weigh In On Array Digital Infrastructure

Hedge funds have recently modified their holdings of the business. First Trust Advisors LP raised its position in Array Digital Infrastructure by 53.8% in the 3rd quarter. First Trust Advisors LP now owns 162,528 shares of the company's stock valued at $5,480,000 after purchasing an additional 56,833 shares during the last quarter. Fifth Third Bancorp grew its position in Array Digital Infrastructure by 414.9% during the 3rd quarter. Fifth Third Bancorp now owns 1,519 shares of the company's stock worth $51,000 after purchasing an additional 1,224 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in Array Digital Infrastructure by 1,683.2% in the third quarter. Asset Management One Co. Ltd. now owns 14,230 shares of the company's stock valued at $480,000 after purchasing an additional 13,432 shares during the period. Signaturefd LLC increased its stake in Array Digital Infrastructure by 38.7% in the third quarter. Signaturefd LLC now owns 1,954 shares of the company's stock valued at $66,000 after purchasing an additional 545 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in shares of Array Digital Infrastructure by 0.5% in the third quarter. State of Alaska Department of Revenue now owns 87,182 shares of the company's stock valued at $2,939,000 after buying an additional 423 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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