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

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $6.78, but opened at $7.10. Applied Digital shares last traded at $7.04, with a volume of 9,950,091 shares.

Wall Street Analysts Forecast Growth

APLD has been the topic of several research reports. Cantor Fitzgerald cut their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. Northland Securities increased their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 4th. Needham & Company LLC reissued a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research note on Wednesday, April 23rd. HC Wainwright reduced 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. Finally, Compass Point assumed coverage on Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target for the company. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $10.91.

Applied Digital Stock Up 6.5%

The firm's 50 day moving average price is $5.55 and its two-hundred day moving average price is $7.39. The firm has a market capitalization of $1.62 billion, a PE ratio of -4.17 and a beta of 5.98. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The firm had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same quarter in the prior year, the firm earned ($0.24) EPS. As a group, research analysts forecast that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently bought and sold shares of APLD. Situational Awareness LP bought a new stake in shares of Applied Digital in the 1st quarter worth about $22,680,000. Vanguard Group Inc. increased its holdings in Applied Digital by 39.1% in the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after buying an additional 3,587,619 shares during the last quarter. Van ECK Associates Corp raised its stake in Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after buying an additional 2,344,572 shares in the last quarter. Tidal Investments LLC lifted its holdings in Applied Digital by 14,635.7% during the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock worth $12,972,000 after buying an additional 1,686,328 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in Applied Digital during the 4th quarter worth approximately $12,843,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.

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