Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) dropped 5.6% during mid-day trading on Monday . The stock traded as low as $5.28 and last traded at $5.40. Approximately 4,962,739 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 26,180,809 shares. The stock had previously closed at $5.72.
Analyst Ratings Changes
A number of analysts have recently commented on APLD shares. Cantor Fitzgerald dropped their target price on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Wednesday, January 15th. HC Wainwright raised 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 Wednesday, January 15th. Compass Point initiated coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price for the company. Northland Securities increased their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Finally, Needham & Company LLC restated a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $12.11.
Check Out Our Latest Analysis on Applied Digital
Applied Digital Price Performance
The stock's 50-day simple moving average is $7.56 and its two-hundred day simple moving average is $8.00. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -3.27 and a beta of 4.69. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.
Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. The company's revenue for the quarter was up 51.3% on a year-over-year basis. Equities research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.
Insider Activity
In other news, Director Richard N. Nottenburg sold 20,000 shares of the company's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares of the company's stock, valued at $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 11.81% of the company's stock.
Hedge Funds Weigh In On Applied Digital
A number of institutional investors and hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System raised its holdings in Applied Digital by 65.6% in the 4th quarter. California State Teachers Retirement System now owns 162,561 shares of the company's stock valued at $1,242,000 after acquiring an additional 64,425 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $510,000. Mackenzie Financial Corp purchased a new position in Applied Digital during the fourth quarter worth approximately $92,000. GTS Securities LLC purchased a new position in Applied Digital during the fourth quarter worth approximately $196,000. Finally, Two Seas Capital LP acquired a new position in Applied Digital during the fourth quarter worth $5,062,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.
Applied Digital Company Profile
(
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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