Applied Digital (NASDAQ:APLD) Shares Gap Up - What's Next?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $6.83, but opened at $8.27. Applied Digital shares last traded at $8.87, with a volume of 67,929,825 shares.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on APLD shares. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a report on Thursday, May 22nd. Craig Hallum increased their price objective on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday. Needham & Company LLC reissued a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a report on Monday. Cantor Fitzgerald cut their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Finally, HC Wainwright increased their price objective on Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $11.91.

Applied Digital Trading Up 1.1%

The business has a 50 day moving average of $5.61 and a two-hundred day moving average of $7.42. 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 firm has a market cap of $2.30 billion, a P/E ratio of -5.92 and a beta of 6.09.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted 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 business had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter last year, the company posted ($0.24) EPS. Analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director now owns 83,613 shares in the company, valued at approximately $585,291. This represents a 22.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Large investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its position in Applied Digital by 96.6% during the 4th quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock worth $917,000 after buying an additional 58,943 shares during the period. Vanguard Group Inc. increased its position in Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after buying an additional 3,587,619 shares during the period. Rhumbline Advisers increased its position in Applied Digital by 68.7% during the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock worth $1,978,000 after buying an additional 105,428 shares during the period. Numerai GP LLC bought a new position in Applied Digital during the 4th quarter worth $790,000. Finally, Barclays PLC increased its position in Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company's stock worth $4,014,000 after buying an additional 428,428 shares during the period. Institutional investors own 65.67% of the company's stock.

About Applied Digital

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.