Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares were down 1.6% on Friday . The stock traded as low as $6.77 and last traded at $6.93. Approximately 6,037,940 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 30,290,051 shares. The stock had previously closed at $7.04.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on the stock. JMP Securities assumed coverage on shares of Applied Digital in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $12.00 price objective for the company. Northland Securities lifted their target price on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, February 4th. Cantor Fitzgerald reduced their price target on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a research note on Thursday, May 22nd. Finally, Needham & Company LLC reissued a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a report on Monday. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $10.91.
Check Out Our Latest Stock Analysis on Applied Digital
Applied Digital Stock Up 48.5%
The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a 50-day simple moving average of $5.54 and a 200 day simple moving average of $7.40. The company has a market cap of $2.28 billion, a P/E ratio of -5.86 and a beta of 5.98.
Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the previous year, the company posted ($0.24) earnings per share. On average, equities analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current year.
Insider Activity
In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the transaction, the director now directly owns 83,613 shares in the company, valued at $585,291. This trade represents a 22.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 11.81% of the company's stock.
Hedge Funds Weigh In On Applied Digital
Hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers lifted its stake in Applied Digital by 7.8% in the first quarter. Rhumbline Advisers now owns 279,191 shares of the company's stock worth $1,569,000 after acquiring an additional 20,299 shares during the period. Strs Ohio bought a new stake in shares of Applied Digital in the 1st quarter valued at about $71,000. Wealth Management Associates Inc. lifted its position in shares of Applied Digital by 25.5% in the 1st quarter. Wealth Management Associates Inc. now owns 95,660 shares of the company's stock worth $538,000 after purchasing an additional 19,450 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after purchasing an additional 3,542 shares in the last quarter. Finally, Arete Wealth Advisors LLC boosted its stake in shares of Applied Digital by 117.0% during the first quarter. Arete Wealth Advisors LLC now owns 1,065,432 shares of the company's stock valued at $5,988,000 after purchasing an additional 574,485 shares in the last quarter. Institutional investors own 65.67% of the company's stock.
About Applied Digital
(
Get Free Report)
Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.
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