Jericho Capital Asset Management L.P. purchased a new stake in Array Digital Infrastructure Inc. (NYSE:AD – Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,815,844 shares of the company’s stock, valued at approximately $97,366,000. Array Digital Infrastructure accounts for 1.1% of Jericho Capital Asset Management L.P.’s holdings, making the stock its 22nd largest position. Jericho Capital Asset Management L.P. owned approximately 2.14% of Array Digital Infrastructure at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada acquired a new position in Array Digital Infrastructure in the fourth quarter valued at about $25,000. Quadrant Capital Group LLC acquired a new stake in shares of Array Digital Infrastructure during the fourth quarter worth about $48,000. Empowered Funds LLC bought a new position in shares of Array Digital Infrastructure during the 4th quarter valued at about $54,000. Harbour Investments Inc. acquired a new position in shares of Array Digital Infrastructure in the 4th quarter valued at approximately $61,000. Finally, Signaturefd LLC acquired a new position in shares of Array Digital Infrastructure in the 4th quarter valued at approximately $73,000. Institutional investors and hedge funds own 18.03% of the company’s stock.
Analysts Set New Price Targets
Several analysts have commented on AD shares. Weiss Ratings restated a “hold (c)” rating on shares of Array Digital Infrastructure in a report on Thursday, June 11th. Citigroup lowered their price objective on shares of Array Digital Infrastructure from $63.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Wall Street Zen lowered shares of Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Raymond James Financial cut shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research report on Monday, May 11th. Finally, Royal Bank Of Canada lowered shares of Array Digital Infrastructure from an “outperform” rating to a “sector perform” rating and set a $52.00 target price for the company. in a research note on Tuesday, May 12th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Array Digital Infrastructure presently has a consensus rating of “Hold” and an average target price of $54.00.
Array Digital Infrastructure Stock Down 1.8%
AD stock opened at $38.97 on Thursday. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 16.17 and a beta of 0.22. Array Digital Infrastructure Inc. has a twelve month low of $38.88 and a twelve month high of $79.17. The business has a 50 day moving average price of $49.17 and a two-hundred day moving average price of $49.86. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.36.
Array Digital Infrastructure Dividend Announcement
The company also recently announced a special dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be paid a $11.00 dividend. The ex-dividend date of this dividend is Thursday, June 11th.
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.
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