Polar Asset Management Partners Inc. Acquires New Stake in Array Digital Infrastructure Inc. $AD

Polar Asset Management Partners Inc. bought a new position in shares of Array Digital Infrastructure Inc. (NYSE:AD) during the 2nd quarter, Holdings Channel.com reports. The firm bought 86,793 shares of the company’s stock, valued at approximately $3,147,000.

A number of other institutional investors have also recently made changes to their positions in AD. Royal Bank of Canada acquired a new position in shares of Array Digital Infrastructure in the fourth quarter worth approximately $25,000. Public Employees Retirement System of Ohio acquired a new stake in Array Digital Infrastructure during the 1st quarter valued at approximately $33,000. Quadrant Capital Group LLC bought a new position in Array Digital Infrastructure during the 4th quarter worth approximately $48,000. Empowered Funds LLC acquired a new position in shares of Array Digital Infrastructure in the 4th quarter worth approximately $54,000. Finally, Harbour Investments Inc. bought a new stake in shares of Array Digital Infrastructure in the 4th quarter valued at $61,000. Institutional investors own 18.03% of the company’s stock.

Array Digital Infrastructure Stock Up 0.7%

Shares of NYSE:AD opened at $35.84 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.95 and a current ratio of 0.95. Array Digital Infrastructure Inc. has a 52-week low of $33.71 and a 52-week high of $60.82. The business’s 50 day simple moving average is $35.61 and its two-hundred day simple moving average is $44.21. The firm has a market cap of $3.10 billion, a P/E ratio of 5.78 and a beta of 0.26.

Array Digital Infrastructure (NYSE:AD) last issued its earnings results on Friday, August 7th. The company reported $4.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $3.88. Array Digital Infrastructure had a return on equity of 8.52% and a net margin of 250.79%.The company had revenue of $54.07 million for the quarter. As a group, research analysts forecast that Array Digital Infrastructure Inc. will post 0.8 EPS for the current fiscal year.

Array Digital Infrastructure Dividend Announcement

The firm also recently declared a special dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were given a $11.00 dividend. The ex-dividend date of this dividend was Thursday, June 11th.

Analyst Ratings Changes

A number of brokerages recently weighed in on AD. Raymond James Financial downgraded shares of Array Digital Infrastructure from an “outperform” rating to a “market perform” rating in a research note on Monday, May 11th. Wall Street Zen downgraded Array Digital Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Citigroup dropped their price objective on Array Digital Infrastructure from $45.02 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. JPMorgan Chase & Co. cut their target price on Array Digital Infrastructure from $54.00 to $45.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 19th. Finally, Royal Bank Of Canada decreased their target price on Array Digital Infrastructure from $52.00 to $40.00 and set a “sector perform” rating for the company in a research note on Friday, July 10th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Array Digital Infrastructure has an average rating of “Moderate Buy” and an average target price of $47.40.

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.