Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s stock price was down 3.5% during trading on Friday . The stock traded as low as $10.13 and last traded at $10.24. Approximately 15,640,902 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 39,229,164 shares. The stock had previously closed at $10.61.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on APLD shares. HC Wainwright increased their target price on shares of Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 price objective on the stock in a report on Thursday, May 22nd. Citigroup reiterated an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Roth Capital reissued a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. Finally, Craig Hallum boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Applied Digital has an average rating of "Buy" and an average price target of $12.73.
View Our Latest Research Report on Applied Digital
Applied Digital Stock Down 4.5%
The firm's 50-day simple moving average is $7.38 and its 200 day simple moving average is $7.64. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $2.22 billion, a P/E ratio of -7.20 and a beta of 6.08.
Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. The company had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same period last year, the company posted ($0.24) earnings per share. As a group, research analysts expect that Applied Digital Corporation will post -0.96 EPS for the current year.
Insiders Place Their Bets
In other news, Director Rachel H. Lee sold 24,212 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director now directly owns 83,613 shares of the company's stock, valued at approximately $585,291. This represents a 22.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.81% of the company's stock.
Institutional Trading of Applied Digital
Institutional investors and hedge funds have recently bought and sold shares of the business. US Bancorp DE bought a new stake in Applied Digital in the 4th quarter valued at $37,000. PNC Financial Services Group Inc. acquired a new position in shares of Applied Digital in the first quarter valued at $28,000. Jones Financial Companies Lllp acquired a new position in shares of Applied Digital in the fourth quarter valued at $39,000. Amalgamated Bank raised its position in shares of Applied Digital by 113.3% in the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after purchasing an additional 3,473 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after buying an additional 3,542 shares during the last quarter. Institutional investors own 65.67% of the company's stock.
About Applied Digital
(
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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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