Applied Digital (NASDAQ:APLD) Shares Gap Up - Should You Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $5.59, but opened at $5.76. Applied Digital shares last traded at $6.47, with a volume of 13,578,975 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have commented on APLD shares. Northland Securities increased their target price on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. HC Wainwright reduced their price objective on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Cantor Fitzgerald decreased 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. Compass Point started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price for the company. Finally, Needham & Company LLC restated a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a research report on Wednesday, April 23rd. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $10.67.

Applied Digital Stock Performance

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 stock has a 50 day moving average of $5.54 and a 200 day moving average of $7.40. The stock has a market capitalization of $1.47 billion, a P/E ratio of -3.78 and a beta of 5.98.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced 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 firm had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same period last year, the firm posted ($0.24) EPS. Equities analysts predict that Applied Digital Co. will post -0.96 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of APLD. Vontobel Holding Ltd. boosted its position in shares of Applied Digital by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock worth $128,000 after buying an additional 1,500 shares during the period. Nisa Investment Advisors LLC raised its stake in Applied Digital by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after acquiring an additional 1,692 shares in the last quarter. Corebridge Financial Inc. raised its stake in Applied Digital by 2.0% during the 1st quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock valued at $546,000 after acquiring an additional 1,899 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after acquiring an additional 2,000 shares during the period. Finally, Wedbush Securities Inc. grew its stake in shares of Applied Digital by 14.8% in the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock worth $87,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 65.67% of the company's stock.

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.

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