Applied Digital (NASDAQ:APLD) Stock Price Down 4% - Here's What Happened

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded down 4% during mid-day trading on Monday . The stock traded as low as $4.93 and last traded at $5.09. 7,635,112 shares changed hands during trading, a decline of 74% from the average session volume of 28,858,307 shares. The stock had previously closed at $5.30.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on APLD shares. Cantor Fitzgerald decreased their price target 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. Northland Securities increased their target price 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. Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research report on Wednesday, April 23rd. Finally, HC Wainwright dropped their target price on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital presently has a consensus rating of "Buy" and an average price target of $10.67.

Applied Digital Price Performance

The company's 50-day simple moving average is $5.65 and its 200 day simple moving average is $7.47. 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 company has a market cap of $1.21 billion, a PE ratio of -3.12 and a beta of 5.98.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. 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 previous year, the firm earned ($0.24) earnings per share. On average, sell-side analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. Hood River Capital Management LLC raised its stake in Applied Digital by 10.7% in the fourth quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock valued at $115,726,000 after buying an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Applied Digital by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 13,491,013 shares of the company's stock worth $75,819,000 after acquiring an additional 730,978 shares in the last quarter. Geode Capital Management LLC lifted its stake in Applied Digital by 54.4% during the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after purchasing an additional 1,665,335 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after purchasing an additional 2,344,572 shares in the last quarter. Finally, Pertento Partners LLP increased its stake in Applied Digital by 49.0% in the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock valued at $19,319,000 after purchasing an additional 831,705 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.