Applied Digital (NASDAQ:APLD) Trading Up 1.9% - Here's Why

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price shot up 1.9% on Friday . The company traded as high as $5.32 and last traded at $5.31. 11,419,092 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 28,828,832 shares. The stock had previously closed at $5.21.

Analyst Upgrades and Downgrades

APLD has been the topic of a number of analyst reports. Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. HC Wainwright dropped their price target on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a report on Wednesday, April 23rd. Cantor Fitzgerald lowered their target price on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Finally, Compass Point assumed coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price for the company. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $10.67.

Applied Digital Stock Performance

The firm's fifty day moving average price is $5.87 and its 200-day moving average price is $7.57. The company has a market cap of $1.19 billion, a P/E ratio of -3.06 and a beta of 5.98. 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 results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. As a group, research analysts forecast that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB boosted its position 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 valued at $31,000 after acquiring an additional 2,000 shares in the last quarter. R Squared Ltd bought a new position in Applied Digital during the fourth quarter worth about $36,000. US Bancorp DE acquired a new stake in Applied Digital during the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp bought a new stake in shares of Applied Digital in the 4th quarter valued at approximately $39,000. Finally, Spire Wealth Management acquired a new position in shares of Applied Digital in the 4th quarter worth approximately $43,000. 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.