Applied Digital Corporation (NASDAQ:APLD - Get Free Report) dropped 2% on Friday . The stock traded as low as $9.02 and last traded at $9.14. Approximately 6,026,851 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 38,566,285 shares. The stock had previously closed at $9.33.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on the stock. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. JMP Securities lifted their price objective on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research note on Tuesday, June 3rd. Craig Hallum increased their target price on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Compass Point restated a "neutral" rating and set a $13.00 target price (up previously from $10.00) on shares of Applied Digital in a report on Monday, June 9th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a research note on Monday, June 2nd. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $12.73.
Check Out Our Latest Stock Report on APLD
Applied Digital Price Performance
The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56. The company has a fifty day moving average price of $9.04 and a two-hundred day moving average price of $7.76. The firm has a market cap of $2.07 billion, a P/E ratio of -6.70 and a beta of 6.04.
Applied Digital (NASDAQ:APLD - Get Free Report) last announced 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). Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. The company had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same period in the previous year, the firm posted ($0.24) EPS. Equities analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.
Insider Buying and Selling
In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the transaction, the director owned 83,613 shares in the company, valued at approximately $585,291. This represents a 22.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 11.81% of the company's stock.
Institutional Trading of Applied Digital
A number of institutional investors have recently modified their holdings of APLD. PNC Financial Services Group Inc. bought a new position in shares of Applied Digital during the first quarter worth about $28,000. US Bancorp DE acquired a new position in Applied Digital during the 4th quarter worth approximately $37,000. Geneos Wealth Management Inc. grew its stake in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after acquiring an additional 3,542 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $39,000. Finally, CWM LLC lifted its position in shares of Applied Digital by 116.5% in the first quarter. CWM LLC now owns 9,506 shares of the company's stock worth $53,000 after purchasing an additional 5,116 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.
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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