Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price dropped 2.9% during trading on Tuesday . The stock traded as low as $9.60 and last traded at $9.85. Approximately 78,201,833 shares changed hands during trading, an increase of 138% from the average daily volume of 32,838,344 shares. The stock had previously closed at $10.14.
Wall Street Analysts Forecast Growth
APLD has been the topic of several recent research reports. Cantor Fitzgerald reduced their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. HC Wainwright increased their price objective on Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday. Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, February 4th. Craig Hallum raised their price target on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, B. Riley raised their price target on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $12.45.
View Our Latest Report on Applied Digital
Applied Digital Trading Up 29.3%
The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a fifty day simple moving average of $5.85 and a two-hundred day simple moving average of $7.48. The firm has a market cap of $2.98 billion, a PE ratio of -7.66 and a beta of 6.09.
Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The firm had revenue of $52.92 million during the quarter, compared to analysts' expectations of $62.91 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. During the same quarter in the previous year, the business earned ($0.24) EPS. Equities analysts forecast that Applied Digital Co. will post -0.96 EPS for the current year.
Insider Activity
In other news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the transaction, the director now owns 83,613 shares in the company, valued at $585,291. This trade represents a 22.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.81% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers raised its stake in Applied Digital by 7.8% during the first quarter. Rhumbline Advisers now owns 279,191 shares of the company's stock valued at $1,569,000 after buying an additional 20,299 shares during the last quarter. Strs Ohio purchased a new position in Applied Digital during the first quarter valued at $71,000. Wealth Management Associates Inc. raised its stake in Applied Digital by 25.5% during the first quarter. Wealth Management Associates Inc. now owns 95,660 shares of the company's stock valued at $538,000 after buying an additional 19,450 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after buying an additional 3,542 shares during the last quarter. Finally, Arete Wealth Advisors LLC raised its stake in Applied Digital by 117.0% during the first quarter. Arete Wealth Advisors LLC now owns 1,065,432 shares of the company's stock valued at $5,988,000 after buying an additional 574,485 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.
Applied Digital Company Profile
(
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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