Applied Digital (NASDAQ:APLD) Trading 2.2% Higher - Still a Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded up 2.2% during trading on Wednesday . The stock traded as high as $6.89 and last traded at $6.88. 9,910,443 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 30,044,820 shares. The stock had previously closed at $6.73.

Analyst Ratings Changes

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

Applied Digital Stock Performance

The stock has a market capitalization of $1.63 billion, a P/E ratio of -4.20 and a beta of 5.98. The firm has a 50-day moving average of $5.56 and a 200 day moving average of $7.39. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (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 quarter in the prior year, the company earned ($0.24) earnings per share. Research analysts anticipate 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 added to or reduced their stakes in the company. Situational Awareness LP bought a new position in Applied Digital during the first quarter worth about $22,680,000. Vanguard Group Inc. boosted its holdings in Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after buying an additional 3,587,619 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock worth $33,649,000 after buying an additional 2,344,572 shares during the last quarter. Tidal Investments LLC boosted its holdings in Applied Digital by 14,635.7% during the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock worth $12,972,000 after buying an additional 1,686,328 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in Applied Digital during the fourth quarter worth about $12,843,000. Institutional investors 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.

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