Applied Digital (NASDAQ:APLD) Trading 5.5% Higher - Here's What Happened

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price shot up 5.5% on Wednesday . The company traded as high as $3.78 and last traded at $3.63. 13,385,432 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 27,557,125 shares. The stock had previously closed at $3.44.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Needham & Company LLC dropped their target price on shares of Applied Digital from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Compass Point assumed coverage on Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target on the stock. Cantor Fitzgerald cut their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. HC Wainwright decreased their target price on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Finally, Northland Securities lifted their price target on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has a consensus rating of "Buy" and a consensus target price of $10.67.

Applied Digital Trading Down 3.4 %

The firm has a market capitalization of $885.39 million, a price-to-earnings ratio of -2.28 and a beta of 5.18. The business has a 50 day moving average of $6.78 and a 200 day moving average of $7.78. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The firm had revenue of $52.92 million during the quarter, compared to the consensus estimate 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 period in the previous year, the company posted ($0.24) EPS. As a group, research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after purchasing an additional 3,587,619 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock worth $33,649,000 after acquiring an additional 2,344,572 shares in the last quarter. Tidal Investments LLC lifted its position in Applied Digital by 14,635.7% in the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock valued at $12,972,000 after acquiring an additional 1,686,328 shares in the last quarter. American Century Companies Inc. acquired a new position in Applied Digital in the 4th quarter worth $12,843,000. Finally, Geode Capital Management LLC increased its holdings in Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after purchasing an additional 1,665,335 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

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.