Array Digital Infrastructure (NYSE:AD) Issues Quarterly Earnings Results, Beats Estimates By $0.72 EPS

Array Digital Infrastructure (NYSE:AD) issued its quarterly earnings data on Friday. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.72, Zacks reports. The firm had revenue of $47.12 million for the quarter, compared to analyst estimates of $46.15 million. Array Digital Infrastructure had a negative net margin of 0.68% and a positive return on equity of 1.67%.

Array Digital Infrastructure Stock Performance

NYSE:AD traded down $1.44 on Friday, reaching $46.25. The company’s stock had a trading volume of 460,374 shares, compared to its average volume of 235,220. Array Digital Infrastructure has a 1-year low of $46.07 and a 1-year high of $79.17. The stock’s 50-day moving average price is $49.83. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of -154.16 and a beta of 0.18. The company has a current ratio of 1.87, a quick ratio of 1.71 and a debt-to-equity ratio of 0.61.

Insider Transactions at Array Digital Infrastructure

In other news, CEO Douglas W. Chambers sold 93,300 shares of Array Digital Infrastructure stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $75.77, for a total transaction of $7,069,341.00. Following the transaction, the chief executive officer owned 17,600 shares in the company, valued at $1,333,552. The trade was a 84.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Harry J. Harczak, Jr. sold 1,960 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $76.20, for a total transaction of $149,352.00. Following the sale, the director owned 19,374 shares in the company, valued at $1,476,298.80. This trade represents a 9.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

AD has been the topic of a number of research reports. Wells Fargo & Company reduced their target price on shares of Array Digital Infrastructure from $82.00 to $62.00 and set an “overweight” rating on the stock in a research report on Thursday. Zacks Research upgraded shares of Array Digital Infrastructure to a “hold” rating in a research report on Tuesday, August 12th. Weiss Ratings reiterated a “sell (d)” rating on shares of Array Digital Infrastructure in a research report on Wednesday, October 8th. Royal Bank Of Canada assumed coverage on Array Digital Infrastructure in a research note on Monday, October 27th. They issued an “outperform” rating and a $62.00 target price for the company. Finally, Wall Street Zen upgraded Array Digital Infrastructure from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Array Digital Infrastructure currently has an average rating of “Hold” and a consensus target price of $62.00.

Array Digital Infrastructure Company Profile

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.