Array Digital Infrastructure (NYSE:AD) Reaches New 52-Week Low – Here’s What Happened

Array Digital Infrastructure Inc. (NYSE:AD)’s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $39.35 and last traded at $39.6460, with a volume of 331246 shares changing hands. The stock had previously closed at $39.78.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on AD shares. Royal Bank Of Canada cut Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 price target for the company. in a research note on Tuesday, May 12th. Citigroup reduced their target price on shares of Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Wall Street Zen cut shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Array Digital Infrastructure in a research report on Thursday, June 11th. Finally, Raymond James Financial lowered shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research note on Monday, May 11th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Array Digital Infrastructure has a consensus rating of “Hold” and a consensus price target of $54.00.

Array Digital Infrastructure Stock Down 0.5%

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.36. The business has a 50-day simple moving average of $48.99 and a 200-day simple moving average of $49.79. The stock has a market cap of $3.35 billion, a P/E ratio of 16.11 and a beta of 0.22.

Array Digital Infrastructure Dividend Announcement

The company also recently announced a special dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be given a dividend of $11.00 per share. The ex-dividend date of this dividend is Thursday, June 11th.

Institutional Investors Weigh In On Array Digital Infrastructure

A number of hedge funds have recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Array Digital Infrastructure in the fourth quarter valued at about $910,000. Aberdeen Group plc acquired a new position in shares of Array Digital Infrastructure during the 4th quarter worth about $15,528,000. Harbor Capital Advisors Inc. acquired a new position in shares of Array Digital Infrastructure during the 4th quarter worth about $99,000. Signaturefd LLC bought a new stake in Array Digital Infrastructure during the 4th quarter valued at approximately $73,000. Finally, State of Alaska Department of Revenue bought a new stake in Array Digital Infrastructure during the 4th quarter valued at approximately $5,187,000. 18.03% of the stock is currently 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.