Array Digital Infrastructure (NYSE:AD) Shares Gap Up After Dividend Announcement

Array Digital Infrastructure Inc. (NYSE:AD)’s share price gapped up prior to trading on Wednesday after the company announced a dividend. The stock had previously closed at $53.65, but opened at $56.25. Array Digital Infrastructure shares last traded at $57.6680, with a volume of 68,434 shares.

The newly announced dividend which will be paid on Monday, February 2nd. Investors of record on Friday, January 23rd will be given a $10.25 dividend. The ex-dividend date is Friday, January 23rd.

Analyst Ratings Changes

Several equities analysts have weighed in on AD shares. Weiss Ratings restated a “sell (d)” rating on shares of Array Digital Infrastructure in a report on Wednesday, October 8th. Wall Street Zen downgraded Array Digital Infrastructure from a “hold” rating to a “sell” rating in a research report on Monday, November 17th. Citigroup raised their target price on shares of Array Digital Infrastructure from $37.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. Royal Bank Of Canada reduced their price target on shares of Array Digital Infrastructure from $62.00 to $56.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 25th. Finally, Wells Fargo & Company lowered their price objective on shares of Array Digital Infrastructure from $82.00 to $62.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $60.33.

Array Digital Infrastructure Trading Up 6.5%

The company has a market capitalization of $4.86 billion, a PE ratio of 317.40 and a beta of 0.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.65 and a current ratio of 0.65. The firm’s 50-day moving average is $50.14.

Institutional Investors Weigh In On Array Digital Infrastructure

An institutional investor recently bought a new position in Array Digital Infrastructure stock. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Array Digital Infrastructure Inc. (NYSE:AD) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 16,978 shares of the company’s stock, valued at approximately $910,000. Institutional investors own 18.03% of the company’s stock.

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. 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.