Applied Digital (NASDAQ:APLD) Trading Down 0.4% - Should You Sell?

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) dropped 0.4% during mid-day trading on Friday . The company traded as low as $5.39 and last traded at $5.48. Approximately 7,098,491 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 28,801,809 shares. The stock had previously closed at $5.50.

Analysts Set New Price Targets

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

Applied Digital Stock Performance

The stock has a market capitalization of $1.18 billion, a P/E ratio of -3.03 and a beta of 5.98. The company's fifty day simple moving average is $5.68 and its 200 day simple moving average is $7.50. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued 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). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $52.92 million for the quarter, compared to analysts' expectations of $62.91 million. During the same period in the previous year, the firm posted ($0.24) EPS. As a group, sell-side analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Applied Digital by 39.1% during the 4th 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 in the last quarter. Van ECK Associates Corp raised its stake in shares of 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 acquiring an additional 2,344,572 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Applied Digital by 14,635.7% in the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock valued at $12,972,000 after purchasing an additional 1,686,328 shares in the last quarter. American Century Companies Inc. purchased a new stake in shares of Applied Digital in the 4th quarter valued at $12,843,000. Finally, Geode Capital Management LLC grew its holdings in shares of Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock valued at $36,117,000 after purchasing an additional 1,665,335 shares during the last quarter. 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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