Applied Digital (NASDAQ:APLD) Trading Down 4% - What's Next?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares fell 4% during mid-day trading on Tuesday . The stock traded as low as $4.51 and last traded at $4.52. 6,769,428 shares were traded during trading, a decline of 76% from the average session volume of 28,507,348 shares. The stock had previously closed at $4.71.

Wall Street Analyst Weigh In

APLD has been the topic of several recent research reports. HC Wainwright decreased their price target on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. 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 research report on Tuesday, February 4th. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective on the stock. Needham & Company LLC reiterated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Wednesday, April 23rd. Finally, Cantor Fitzgerald decreased 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. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $10.67.

Applied Digital Stock Down 4.0 %

The company has a market capitalization of $1.02 billion, a P/E ratio of -2.61 and a beta of 5.18. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a fifty day simple moving average of $6.24 and a 200-day simple moving average of $7.65.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $62.91 million. During the same period in the previous year, the company posted ($0.24) earnings per share. On average, equities research analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. boosted its position in shares of Applied Digital by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock worth $128,000 after buying an additional 1,500 shares during the period. Nisa Investment Advisors LLC boosted its position in Applied Digital by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock worth $90,000 after acquiring an additional 1,692 shares during the last quarter. Wilmington Savings Fund Society FSB grew its stake in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after acquiring an additional 2,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Applied Digital by 29.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock valued at $77,000 after purchasing an additional 3,127 shares during the last quarter. Finally, Amalgamated Bank lifted 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 purchasing an additional 3,473 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.