Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s share price rose 5.9% during trading on Tuesday . The stock traded as high as $10.53 and last traded at $10.45. Approximately 13,422,372 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 39,190,973 shares. The stock had previously closed at $9.87.
Analysts Set New Price Targets
Several analysts recently issued reports on the company. Roth Capital restated a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Cantor Fitzgerald decreased their price target 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 upped their price objective on shares of Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Finally, Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Applied Digital has a consensus rating of "Buy" and a consensus target price of $12.73.
Get Our Latest Analysis on Applied Digital
Applied Digital Stock Performance
The company has a 50-day moving average of $7.47 and a 200-day moving average of $7.64. The firm has a market capitalization of $2.32 billion, a P/E ratio of -7.53 and a beta of 6.08. 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 announced its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The firm 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 business earned ($0.24) EPS. On average, equities analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction 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 filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.81% of the company's stock.
Institutional Trading of Applied Digital
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. bought a new stake in Applied Digital during the first quarter worth $28,000. US Bancorp DE purchased a new stake in shares of Applied Digital in the fourth quarter valued at about $37,000. Geneos Wealth Management Inc. raised its holdings 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 valued at $37,000 after purchasing an additional 3,542 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Applied Digital during the fourth quarter valued at about $39,000. Finally, Amalgamated Bank grew its position in Applied Digital by 113.3% in the 4th 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.
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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