Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price dropped 9.2% during trading on Monday . The company traded as low as $6.53 and last traded at $6.59. Approximately 6,398,956 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 27,996,920 shares. The stock had previously closed at $7.26.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on APLD shares. HC Wainwright lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, January 15th. Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Cantor Fitzgerald lowered their price target on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a report on Wednesday, January 15th. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price on the stock. Finally, Needham & Company LLC reissued a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a research report on Monday, February 24th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $12.11.
Check Out Our Latest Analysis on Applied Digital
Applied Digital Stock Performance
The company has a market cap of $1.39 billion, a PE ratio of -3.61 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock's 50-day simple moving average is $8.26 and its 200 day simple moving average is $7.78.
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 (EPS) 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 analysts' expectations of $62.41 million. During the same period in the prior year, the company posted ($0.05) earnings per share. The firm's revenue for the quarter was up 51.3% on a year-over-year basis. As a group, equities analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current year.
Insider Activity at Applied Digital
In related news, Director Richard N. Nottenburg sold 20,000 shares of the firm'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 sale, the director now owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 11.81% of the company's stock.
Institutional Investors Weigh In On Applied Digital
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB increased its stake in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Applied Digital in the 4th quarter worth about $36,000. US Bancorp DE acquired a new stake in Applied Digital in the 4th quarter valued at about $37,000. Jones Financial Companies Lllp purchased a new position in Applied Digital during the 4th quarter valued at about $39,000. Finally, Spire Wealth Management purchased a new position in Applied Digital during the 4th quarter valued at about $43,000. 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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