Shares of Applied Digital Corporation (NASDAQ:APLD - Get Free Report) were up 9.8% during trading on Thursday . The stock traded as high as $11.24 and last traded at $11.05. Approximately 28,200,710 shares were traded during trading, a decline of 26% from the average daily volume of 38,330,129 shares. The stock had previously closed at $10.06.
Analysts Set New Price Targets
Several brokerages recently weighed in on APLD. Cantor Fitzgerald cut their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research report on Monday, June 2nd. B. Riley boosted their price objective on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Roth Capital restated a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. Finally, Compass Point reiterated a "neutral" rating and issued a $13.00 price objective (up previously from $10.00) on shares of Applied Digital in a research note on Monday, June 9th. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $12.73.
View Our Latest Analysis on Applied Digital
Applied Digital Stock Performance
The firm has a market capitalization of $2.46 billion, a P/E ratio of -7.96 and a beta of 6.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a 50-day moving average of $9.31 and a 200 day moving average of $7.78.
Applied Digital (NASDAQ:APLD - Get Free Report) last posted 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). The company had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. During the same period last year, the company earned ($0.24) EPS. On average, research analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the sale, the director owned 83,613 shares of the company's stock, valued at approximately $585,291. This trade represents a 22.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 11.81% of the company's stock.
Institutional Trading of Applied Digital
Several hedge funds and other institutional investors have recently modified their holdings of the company. Situational Awareness LP bought a new position in Applied Digital during the first quarter worth about $22,680,000. Vanguard Group Inc. grew 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 purchasing an additional 3,587,619 shares during the period. Tidal Investments LLC grew 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 purchasing an additional 1,686,328 shares during the period. American Century Companies Inc. bought a new position in Applied Digital during the fourth quarter worth about $12,843,000. Finally, Geode Capital Management LLC boosted its holdings 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 acquiring an additional 1,665,335 shares during the period. 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.
Further Reading
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