Applied Digital (NASDAQ:APLD) Shares Up 3.6% - Should You Buy?

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

Analysts Set New Price Targets

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

Applied Digital Trading Down 6.9%

The stock has a market cap of $1.25 billion, a P/E ratio of -3.22 and a beta of 5.98. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a 50-day moving average price of $5.55 and a two-hundred day moving average price of $7.42.

Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The business had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. During the same period last year, the company earned ($0.24) EPS. On average, research analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Wells Fargo & Company MN grew its position in shares of Applied Digital by 96.6% during the 4th 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. Vanguard Group Inc. raised its stake in 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. Rhumbline Advisers raised its stake in Applied Digital by 68.7% in the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after buying an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock valued at $7,656,000 after buying an additional 273,666 shares during the last quarter. Finally, Barclays PLC raised its stake in Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after buying an additional 428,428 shares during the last quarter. 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.