Array Digital Infrastructure Inc. (NYSE:AD) Sees Large Growth in Short Interest

Array Digital Infrastructure Inc. (NYSE:AD) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totaling 1,568,020 shares, a growth of 24.6% from the March 15th total of 1,258,091 shares. Based on an average daily volume of 447,277 shares, the days-to-cover ratio is currently 3.5 days. Approximately 1.9% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AD. Royal Bank Of Canada lowered their target price on shares of Array Digital Infrastructure from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, March 9th. Wells Fargo & Company lowered their target price on shares of Array Digital Infrastructure from $62.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, February 12th. Wall Street Zen raised shares of Array Digital Infrastructure from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Citigroup lowered their target price on shares of Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Finally, Weiss Ratings raised shares of Array Digital Infrastructure from a “sell (d)” rating to a “hold (c)” rating in a report on Monday, March 16th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Array Digital Infrastructure currently has a consensus rating of “Moderate Buy” and an average target price of $54.50.

Array Digital Infrastructure Price Performance

NYSE:AD traded up $0.63 during mid-day trading on Friday, reaching $50.09. The stock had a trading volume of 111,754 shares, compared to its average volume of 308,900. The stock has a 50-day simple moving average of $48.44 and a two-hundred day simple moving average of $49.61. The stock has a market capitalization of $4.26 billion, a PE ratio of 89.44 and a beta of 0.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.72 and a quick ratio of 0.72. Array Digital Infrastructure has a 12 month low of $44.03 and a 12 month high of $79.17.

Array Digital Infrastructure (NYSE:AD) last announced its quarterly earnings data on Friday, February 20th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $60.33 million for the quarter. Array Digital Infrastructure had a net margin of 2.51% and a return on equity of 4.89%. Array Digital Infrastructure’s revenue for the quarter was up 131.2% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP acquired a new stake in Array Digital Infrastructure in the fourth quarter valued at approximately $120,237,000. Jericho Capital Asset Management L.P. acquired a new stake in Array Digital Infrastructure in the fourth quarter valued at approximately $97,366,000. Vanguard Group Inc. acquired a new stake in Array Digital Infrastructure in the fourth quarter valued at approximately $76,634,000. Gamco Investors INC. ET AL acquired a new stake in Array Digital Infrastructure in the fourth quarter valued at approximately $51,720,000. Finally, Loomis Sayles & Co. L P acquired a new stake in Array Digital Infrastructure in the fourth quarter valued at approximately $40,842,000. 18.03% of the stock is 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.