Applied Digital (NASDAQ:APLD) Trading Up 9.6% - What's Next?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price was up 9.6% during mid-day trading on Thursday . The stock traded as high as $4.48 and last traded at $4.47. Approximately 21,353,035 shares traded hands during trading, a decline of 25% from the average daily volume of 28,414,420 shares. The stock had previously closed at $4.08.

Analyst Ratings Changes

APLD has been the topic of a number of research reports. Compass Point started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective on the stock. Northland Securities raised their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Cantor Fitzgerald reduced their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. HC Wainwright dropped their price target on 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, Needham & Company LLC restated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Wednesday, April 23rd. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $10.67.

Applied Digital Price Performance

The company has a 50 day moving average of $6.34 and a 200 day moving average of $7.67. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -2.72 and a beta of 5.18. 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 posted 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). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same period in the prior year, the company earned ($0.24) EPS. As a group, equities research analysts forecast that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

Large investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. increased its holdings in shares of Applied Digital by 9.8% during the 4th 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 last quarter. Nisa Investment Advisors LLC grew its position in Applied Digital by 16.8% during the fourth 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 during the period. Wilmington Savings Fund Society FSB increased its stake in Applied Digital by 100.0% during the fourth 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 last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Applied Digital by 29.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock worth $77,000 after purchasing an additional 3,127 shares during the period. Finally, Amalgamated Bank raised its holdings in shares of Applied Digital by 113.3% in the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock worth $50,000 after purchasing an additional 3,473 shares during the period. Hedge funds and other 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.