Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price was down 3.7% during trading on Monday . The company traded as low as $6.33 and last traded at $6.58. Approximately 16,586,874 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 29,805,676 shares. The stock had previously closed at $6.83.
Analyst Ratings Changes
A number of research firms recently weighed in on APLD. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price target on shares of Applied Digital in a research note on Wednesday, April 23rd. JMP Securities initiated coverage on Applied Digital in a research report on Thursday. They set a "market outperform" rating and a $12.00 target price on the stock. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 target price on the stock in a report on Thursday. HC Wainwright reduced their price target on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target for the company. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $10.91.
Check Out Our Latest Analysis on Applied Digital
Applied Digital Trading Down 1.6%
The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market capitalization of $1.65 billion, a P/E ratio of -4.25 and a beta of 5.98. The firm has a 50 day simple moving average of $5.56 and a two-hundred day simple moving average of $7.40.
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 for the quarter, missing analysts' consensus estimates 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 firm 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 earned ($0.24) earnings per share. Equities research analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 83,613 shares of the company's stock, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 11.81% of the company's stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB increased its position in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after purchasing an additional 2,000 shares during the last quarter. R Squared Ltd bought a new position in Applied Digital during the fourth quarter valued at about $36,000. US Bancorp DE purchased a new stake in Applied Digital during the fourth quarter worth about $37,000. PNC Financial Services Group Inc. purchased a new stake in Applied Digital during the first quarter worth about $28,000. Finally, Jones Financial Companies Lllp bought a new stake in Applied Digital in the fourth quarter worth about $39,000. Hedge funds and other 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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