Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price traded down 2.9% during trading on Thursday . The stock traded as low as $7.02 and last traded at $7.47. 7,564,279 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 28,243,416 shares. The stock had previously closed at $7.69.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a research note on Monday, February 24th. Compass Point initiated coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective for the company. HC Wainwright raised their target price on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Wednesday, January 15th. Northland Securities upped their price target on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald dropped their price objective on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital has a consensus rating of "Buy" and an average target price of $12.11.
Get Our Latest Research Report on Applied Digital
Applied Digital Stock Up 3.9 %
The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The business has a fifty day simple moving average of $8.20 and a two-hundred day simple moving average of $7.81. The company has a market cap of $1.48 billion, a PE ratio of -3.83 and a beta of 4.69.
Applied Digital (NASDAQ:APLD - Get Free Report) last posted 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. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company's revenue for the quarter was up 51.3% on a year-over-year basis. During the same period last year, the firm posted ($0.05) earnings per share. As a group, equities research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.
Insider Transactions at Applied Digital
In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 11.81% of the company's stock.
Institutional Trading of Applied Digital
Several large investors have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. purchased a new position in shares of Applied Digital during the 4th quarter worth $510,000. Mackenzie Financial Corp acquired a new stake in Applied Digital during the fourth quarter worth about $92,000. GTS Securities LLC purchased a new position in Applied Digital during the fourth quarter worth about $196,000. Two Seas Capital LP acquired a new position in Applied Digital in the 4th quarter valued at about $5,062,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Applied Digital by 271.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company's stock worth $2,623,000 after buying an additional 250,944 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
Applied Digital Company Profile
(
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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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