Array Digital Infrastructure Inc. (NYSE:AD) Given Average Rating of “Moderate Buy” by Brokerages

Array Digital Infrastructure Inc. (NYSE:AD) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $47.40.

Several research firms have commented on AD. Royal Bank Of Canada reduced 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 note on Friday, July 10th. Weiss Ratings downgraded Array Digital Infrastructure from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, August 20th. Citigroup dropped their target price on Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Finally, JPMorgan Chase & Co. cut their price target 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.

Array Digital Infrastructure Trading Down 0.3%

NYSE AD opened at $35.50 on Tuesday. 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 firm has a market cap of $3.07 billion, a PE ratio of 5.73 and a beta of 0.28. Array Digital Infrastructure has a one year low of $33.71 and a one year high of $60.82. The firm’s fifty day moving average is $35.97 and its two-hundred day moving average is $42.61.

Array Digital Infrastructure (NYSE:AD) last announced its earnings results on Friday, August 7th. The company reported $4.15 earnings per share for the quarter, topping the consensus estimate of $0.27 by $3.88. Array Digital Infrastructure had a net margin of 250.79% and a return on equity of 8.52%. The business had revenue of $54.07 million during the quarter. Analysts expect that Array Digital Infrastructure will post 0.8 earnings per share for the current year.

Hedge Funds Weigh In On Array Digital Infrastructure

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in shares of Array Digital Infrastructure by 2.6% in the 1st 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. Jericho Capital Asset Management L.P. acquired a new position in shares of Array Digital Infrastructure during the fourth quarter worth about $97,366,000. Bank of America Corp DE acquired a new position in shares of Array Digital Infrastructure during the second quarter worth about $26,853,000. BlackRock Inc. purchased a new position in Array Digital Infrastructure during the second quarter worth about $14,537,000. Finally, Irenic Capital Management LP purchased a new position in Array Digital Infrastructure during the fourth quarter worth about $12,616,000. 18.03% of the stock is owned by institutional investors and hedge funds.

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.