Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price traded down 8.5% on Wednesday . The stock traded as low as $6.69 and last traded at $6.81. 11,775,619 shares traded hands during trading, a decline of 55% from the average session volume of 26,174,971 shares. The stock had previously closed at $7.44.
Wall Street Analyst Weigh In
Several research firms recently commented on APLD. Northland Securities boosted their price target on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Cantor Fitzgerald cut their target price on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 15th. Needham & Company LLC reissued a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. HC Wainwright upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Finally, Compass Point assumed coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $12.11.
Read Our Latest Report on APLD
Applied Digital Stock Performance
The stock's 50-day moving average price is $7.69 and its 200-day moving average price is $8.01. 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 company has a market capitalization of $1.25 billion, a P/E ratio of -3.25 and a beta of 4.69.
Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital's quarterly revenue was up 51.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.05) earnings per share. As a group, equities analysts expect that Applied Digital Co. will post -0.96 EPS for the current year.
Insiders Place Their Bets
In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the company's stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.81% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Applied Digital
Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position 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 acquiring an additional 3,587,619 shares during the period. Van ECK Associates Corp grew its position in Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after buying an additional 2,344,572 shares in the last quarter. Tidal Investments LLC increased its stake in Applied Digital by 14,635.7% during the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock valued at $12,972,000 after buying an additional 1,686,328 shares during the period. American Century Companies Inc. bought a new stake in shares of Applied Digital during the 4th quarter worth about $12,843,000. Finally, Geode Capital Management LLC lifted its stake in shares of Applied Digital by 54.4% in the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after acquiring an additional 1,665,335 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.
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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