Applied Digital (NASDAQ:APLD) Shares Up 11% - Here's Why

Applied Digital Co. (NASDAQ:APLD - Get Free Report) was up 11% on Thursday . The company traded as high as $5.10 and last traded at $5.04. Approximately 14,419,518 shares changed hands during trading, a decline of 50% from the average daily volume of 28,654,068 shares. The stock had previously closed at $4.54.

Analysts Set New Price Targets

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

Applied Digital Trading Up 0.8 %

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The company's fifty day moving average is $5.76 and its two-hundred day moving average is $7.53. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -3.01 and a beta of 5.98.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly 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 net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $52.92 million during the quarter, compared to analysts' expectations of $62.91 million. During the same quarter in the prior year, the company earned ($0.24) earnings per share. On average, research analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Institutional Trading of Applied Digital

Large investors have recently made changes to their positions in the company. Hood River Capital Management LLC boosted its holdings in shares of 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 acquiring an additional 1,464,854 shares during the period. Vanguard Group Inc. raised 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 buying an additional 3,587,619 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 buying an additional 1,665,335 shares during the period. Van ECK Associates Corp increased its position in Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after acquiring an additional 2,344,572 shares during the period. Finally, Pertento Partners LLP raised its stake in Applied Digital by 49.0% during the 4th quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock valued at $19,319,000 after acquiring an additional 831,705 shares during the last quarter. 65.67% of the stock is 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.