Applied Digital (NASDAQ:APLD) Shares Up 2.7% - What's Next?

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) rose 2.7% during trading on Thursday . The company traded as high as $5.55 and last traded at $5.39. Approximately 8,515,500 shares traded hands during trading, a decline of 70% from the average daily volume of 28,785,029 shares. The stock had previously closed at $5.25.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a report on Wednesday, April 23rd. HC Wainwright reduced their price target on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective for the company. Cantor Fitzgerald decreased their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Finally, Northland Securities boosted their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $10.67.

Applied Digital Stock Up 5.0 %

The company has a market capitalization of $1.24 billion, a PE ratio of -3.18 and a beta of 5.98. 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 fifty day simple moving average of $5.71 and a 200-day simple moving average of $7.52.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The company had revenue of $52.92 million for 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 period in the prior year, the business earned ($0.24) earnings per share. Equities research analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN raised its stake in Applied Digital by 96.6% during the fourth quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock worth $917,000 after acquiring an additional 58,943 shares during the period. Vanguard Group Inc. grew its stake 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 last quarter. Rhumbline Advisers increased its position in Applied Digital by 68.7% in the fourth 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. Exchange Traded Concepts LLC boosted its holdings in shares of Applied Digital by 37.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock valued at $7,656,000 after acquiring an additional 273,666 shares during the period. Finally, Barclays PLC grew its position in shares of Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company's stock worth $4,014,000 after acquiring an additional 428,428 shares during the last quarter. Institutional investors and hedge funds 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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