Array Digital Infrastructure (NYSE:AD) Shares Gap Down – Here’s Why

Shares of Array Digital Infrastructure Inc. (NYSE:AD) gapped down prior to trading on Friday . The stock had previously closed at $60.28, but opened at $49.00. Array Digital Infrastructure shares last traded at $49.32, with a volume of 69,877 shares.

Wall Street Analyst Weigh In

Several brokerages recently commented on AD. Royal Bank Of Canada cut their price objective on Array Digital Infrastructure from $62.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, November 25th. Citigroup raised their target price on Array Digital Infrastructure from $37.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Wells Fargo & Company reduced their price target 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. Weiss Ratings reiterated a “sell (d)” rating on shares of Array Digital Infrastructure in a research note on Wednesday. Finally, Wall Street Zen downgraded shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Monday, November 17th. Three investment 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $60.33.

Array Digital Infrastructure Stock Down 20.5%

The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $4.07 billion, a PE ratio of 266.09 and a beta of 0.17. The company has a 50 day moving average price of $51.53.

Array Digital Infrastructure Dividend Announcement

The company also recently announced a special dividend, which will be paid on Monday, February 2nd. Shareholders of record on Friday, January 23rd will be paid a dividend of $10.25 per share. The ex-dividend date is Friday, January 23rd.

Hedge Funds Weigh In On Array Digital Infrastructure

Several large investors have recently added to or reduced their stakes in AD. State of Alaska Department of Revenue bought a new position in shares of Array Digital Infrastructure in the fourth quarter worth approximately $5,187,000. Signaturefd LLC purchased a new position in shares of Array Digital Infrastructure during the 4th quarter valued at $73,000. Harbor Capital Advisors Inc. purchased a new position in shares of Array Digital Infrastructure during the 4th quarter valued at $99,000. Aberdeen Group plc bought a new position in Array Digital Infrastructure in the 4th quarter worth $15,528,000. Finally, Hennion & Walsh Asset Management Inc. bought a new position in Array Digital Infrastructure in the 4th quarter worth $910,000. Hedge funds and other 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.