Applied Digital (NASDAQ:APLD) Stock Price Down 2.5% - Here's Why

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares fell 2.5% on Tuesday . The stock traded as low as $4.99 and last traded at $5.04. 6,876,834 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 28,892,166 shares. The stock had previously closed at $5.17.

Analyst Upgrades and Downgrades

APLD has been the subject of several recent analyst reports. Cantor Fitzgerald dropped their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. HC Wainwright cut their target price on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Northland Securities lifted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Compass Point started coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a report on Wednesday, April 23rd. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $10.67.

Applied Digital Trading Up 5.1 %

The business's 50 day simple moving average is $5.71 and its two-hundred day simple moving average is $7.52. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a market cap of $1.24 billion, a P/E ratio of -3.19 and a beta of 5.98.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same period in the previous year, the business posted ($0.24) EPS. As a group, analysts expect that Applied Digital Co. will post -0.96 EPS for the current year.

Institutional Trading of Applied Digital

A number of large investors have recently bought and sold shares of the company. Corton Capital Inc. increased its holdings in shares of Applied Digital by 62.9% in the first quarter. Corton Capital Inc. now owns 30,429 shares of the company's stock worth $171,000 after purchasing an additional 11,755 shares during the period. LPL Financial LLC increased its holdings in shares of Applied Digital by 65.7% in the first quarter. LPL Financial LLC now owns 299,779 shares of the company's stock worth $1,685,000 after buying an additional 118,877 shares during the period. Semus Wealth Partners LLC purchased a new position in Applied Digital in the 1st quarter worth approximately $56,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Applied Digital by 18.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,071 shares of the company's stock valued at $175,000 after purchasing an additional 4,916 shares during the period. Finally, HB Wealth Management LLC purchased a new position in shares of Applied Digital in the first quarter worth $68,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Company Profile

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.