Applied Digital (NASDAQ:APLD) Trading Up 3.6% - What's Next?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded up 3.6% during trading on Tuesday . The stock traded as high as $5.70 and last traded at $5.50. 10,493,032 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 28,903,971 shares. The stock had previously closed at $5.31.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. HC Wainwright cut their price target on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Cantor Fitzgerald dropped their price objective 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. Needham & Company LLC reiterated a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research note on Wednesday, April 23rd. Compass Point began coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective on the stock. Finally, Northland Securities lifted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company 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.com, the stock currently has a consensus rating of "Buy" and an average target price of $10.67.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -3.95 and a beta of 5.98. The business's 50-day moving average price is $5.54 and its two-hundred day moving average price is $7.39.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates 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 business posted ($0.24) EPS. On average, research analysts forecast that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Institutional Trading of Applied Digital

A number of hedge funds have recently made changes to their positions in the stock. Arete Wealth Advisors LLC grew its position in shares of Applied Digital by 117.0% during the first quarter. Arete Wealth Advisors LLC now owns 1,065,432 shares of the company's stock worth $5,988,000 after buying an additional 574,485 shares in the last quarter. Scientech Research LLC acquired a new position in Applied Digital in the first quarter worth $806,000. Needham Investment Management LLC acquired a new position in Applied Digital in the first quarter worth $478,000. NewEdge Advisors LLC boosted its holdings in Applied Digital by 239.1% in the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company's stock worth $187,000 after purchasing an additional 23,457 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Applied Digital by 27.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,146,400 shares of the company's stock worth $12,063,000 after purchasing an additional 462,527 shares during the period. Institutional investors and hedge funds own 65.67% of the company's stock.

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.