Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s stock price traded down 3.1% during mid-day trading on Monday . The company traded as low as $9.61 and last traded at $10.01. 12,436,015 shares were traded during mid-day trading, a decline of 68% from the average session volume of 39,206,977 shares. The stock had previously closed at $10.33.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on APLD shares. B. Riley upped 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. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price objective on the stock in a research note on Thursday, May 22nd. Compass Point reissued a "neutral" rating and set a $13.00 price target (up previously from $10.00) on shares of Applied Digital in a research report on Monday, June 9th. Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Finally, Craig Hallum raised their price objective on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $12.73.
Read Our Latest Research Report on Applied Digital
Applied Digital Price Performance
The firm has a market capitalization of $2.21 billion, a P/E ratio of -7.16 and a beta of 6.09. The business has a 50-day moving average of $7.38 and a 200 day moving average of $7.64. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56.
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 analysts' consensus estimates of ($0.11) by ($0.05). The company had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. During the same period in the prior year, the firm posted ($0.24) earnings per share. On average, sell-side analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.
Insider Transactions at Applied Digital
In related news, Director Rachel H. Lee sold 24,212 shares of the company'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 transaction, the director now owns 83,613 shares in the company, valued at approximately $585,291. This represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.81% of the company's stock.
Hedge Funds Weigh In On Applied Digital
A number of large investors have recently made changes to their positions in the stock. US Bancorp DE purchased a new stake in shares of Applied Digital in the fourth quarter worth $37,000. PNC Financial Services Group Inc. purchased a new stake in shares of Applied Digital in the first quarter worth $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital in the fourth quarter worth $39,000. Amalgamated Bank raised its position in shares of Applied Digital by 113.3% in the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company's stock worth $50,000 after buying an additional 3,473 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after buying an additional 3,542 shares in the last quarter. 65.67% of the stock is 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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