Applied Digital (NASDAQ:APLD) Shares Down 3.7% – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s share price was down 3.7% during mid-day trading on Monday . The stock traded as low as $6.33 and last traded at $6.58. Approximately 16,586,874 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 29,805,676 shares. The stock had previously closed at $6.83.

Analyst Ratings Changes

APLD has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Wednesday, April 23rd. Northland Securities upped their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Compass Point started coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price target on the stock. Cantor Fitzgerald decreased their target price 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. Finally, 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 note on Tuesday, April 15th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $10.67.

Applied Digital Stock Performance

The stock has a market cap of $1.53 billion, a price-to-earnings ratio of -3.94 and a beta of 5.98. The stock’s 50-day simple moving average is $5.54 and its two-hundred day simple moving average is $7.39. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD) last released 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 net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same period last year, the business earned ($0.24) EPS. Analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. acquired a new position in shares of Applied Digital during the first quarter valued at about $28,000. Wilmington Savings Fund Society FSB lifted its position in shares of Applied Digital by 100.0% in 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 during the period. R Squared Ltd acquired a new stake in shares of Applied Digital during the 4th quarter worth approximately $36,000. US Bancorp DE bought a new stake in shares of Applied Digital during the fourth quarter valued at approximately $37,000. Finally, Jones Financial Companies Lllp acquired a new position in shares of Applied Digital in the fourth quarter valued at $39,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.