Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price fell 9.2% during trading on Monday . The company traded as low as $6.53 and last traded at $6.59. 6,398,956 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 27,996,920 shares. The stock had previously closed at $7.26.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on the stock. HC Wainwright lifted their target price 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. Needham & Company LLC reissued a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday, February 24th. Northland Securities raised their target price on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Compass Point started coverage on Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price for the company. Finally, Cantor Fitzgerald cut their price target 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 investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $12.11.
Read Our Latest Stock Analysis on Applied Digital
Applied Digital Trading Up 2.2 %
The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -3.69 and a beta of 4.69. The firm's 50-day moving average is $8.20 and its 200-day moving average is $7.81. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.
Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the company earned ($0.05) earnings per share. The business's revenue was up 51.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current fiscal year.
Insider Transactions at Applied Digital
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 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 represents a 5.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 11.81% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock worth $7,419,000 after buying an additional 240,554 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Applied Digital during the third quarter worth $545,000. Rhumbline Advisers grew its stake in Applied Digital by 68.7% in the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after purchasing an additional 105,428 shares during the period. Exchange Traded Concepts LLC increased its position in shares of Applied Digital by 37.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock valued at $7,656,000 after purchasing an additional 273,666 shares during the last quarter. Finally, Barclays PLC increased its position in shares of Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after purchasing an additional 428,428 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
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.
Further Reading
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