Applied Digital Co. (NASDAQ:APLD - Get Free Report) rose 2.2% during trading on Wednesday . The stock traded as high as $6.89 and last traded at $6.88. Approximately 9,910,443 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 30,044,820 shares. The stock had previously closed at $6.73.
Analyst Ratings Changes
Several research analysts have recently issued reports on the stock. Northland Securities increased their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Compass Point assumed coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective for the company. HC Wainwright decreased their price objective 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. Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 target price for the company in a report on Thursday. Finally, Needham & Company LLC restated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a report on Wednesday, April 23rd. Ten 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, the company currently has an average rating of "Buy" and a consensus price target of $10.91.
View Our Latest Analysis on Applied Digital
Applied Digital Price Performance
The stock has a market capitalization of $1.65 billion, a P/E ratio of -4.25 and a beta of 5.98. The stock's fifty day moving average is $5.56 and its 200-day moving average is $7.41. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.
Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 return on equity of 117.67% and a negative net margin of 127.86%. During the same quarter in the prior year, the company posted ($0.24) earnings per share. On average, equities analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the sale, the director now owns 83,613 shares in the company, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 11.81% of the company's stock.
Institutional Trading of Applied Digital
Hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN increased its holdings in shares of 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. Vanguard Group Inc. grew its stake in shares of Applied Digital by 39.1% during 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 during the last quarter. Rhumbline Advisers grew its stake in shares of Applied Digital by 68.7% during the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after purchasing an additional 105,428 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Applied Digital by 37.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock valued at $7,656,000 after purchasing an additional 273,666 shares during the last quarter. Finally, Numerai GP LLC bought a new stake in shares of Applied Digital during the fourth quarter valued at approximately $790,000. Institutional investors and hedge funds own 65.67% of the company's stock.
About Applied Digital
(
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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