Applied Digital Corporation (NASDAQ:APLD - Get Free Report) shares fell 1.4% on Wednesday . The stock traded as low as $10.69 and last traded at $10.80. 5,435,793 shares traded hands during trading, a decline of 86% from the average session volume of 38,362,984 shares. The stock had previously closed at $10.95.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on APLD. Citigroup restated an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. HC Wainwright lifted their target price on shares of Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 price target for the company in a research report on Thursday, May 22nd. JMP Securities lifted their price objective on shares of Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. Finally, 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 research note on Tuesday, April 15th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Applied Digital currently has a consensus rating of "Buy" and a consensus target price of $12.73.
Get Our Latest Report on APLD
Applied Digital Trading Down 4.0%
The company has a debt-to-equity ratio of 1.56, a current ratio of 0.70 and a quick ratio of 0.70. The business's 50 day moving average price is $10.06 and its 200-day moving average price is $7.91. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of -7.85 and a beta of 6.04.
Insider Activity
In related news, Director Rachel H. Lee sold 24,212 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director owned 83,613 shares of the company's stock, valued at approximately $585,291. The trade was a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 11.81% of the stock is currently owned by company insiders.
Institutional Trading of Applied Digital
Institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas purchased a new stake in Applied Digital during the first quarter worth about $139,000. Exchange Traded Concepts LLC boosted its holdings in Applied Digital by 4.0% during the first quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock worth $5,856,000 after buying an additional 39,945 shares in the last quarter. Register Financial Advisors LLC boosted its holdings in Applied Digital by 26.2% during the first quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock worth $1,429,000 after buying an additional 52,700 shares in the last quarter. Wells Fargo & Company MN boosted its holdings 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 buying an additional 58,943 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of 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 purchasing an additional 3,587,619 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.
Applied Digital Company Profile
(
Get Free Report)
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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