Applied Digital (NASDAQ:APLD) Stock Price Down 2.2% - What's Next?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price was down 2.2% during mid-day trading on Wednesday . The stock traded as low as $6.18 and last traded at $6.24. Approximately 6,146,327 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 27,657,244 shares. The stock had previously closed at $6.38.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on APLD shares. Compass Point initiated coverage on Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target on the stock. Needham & Company LLC restated a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a report on Monday, February 24th. Northland Securities raised their target price 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 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. Finally, HC Wainwright raised their target price on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $12.11.

Applied Digital Stock Up 5.3 %

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a 50-day simple moving average of $8.15 and a 200-day simple moving average of $7.79. The firm has a market capitalization of $1.47 billion, a PE ratio of -3.82 and a beta of 4.69.

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Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same period last year, the business posted ($0.05) earnings per share. The business's revenue for the quarter was up 51.3% on a year-over-year basis. Analysts forecast that Applied Digital Co. will post -0.96 EPS for the current year.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction on Friday, January 17th. The stock was 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 directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in the stock. Hood River Capital Management LLC grew its position in shares of Applied Digital by 10.7% in the fourth quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock valued at $115,726,000 after purchasing an additional 1,464,854 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Applied Digital by 39.1% in the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after purchasing an additional 3,587,619 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Applied Digital by 54.4% in the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock valued at $36,117,000 after purchasing an additional 1,665,335 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock valued at $33,649,000 after purchasing an additional 2,344,572 shares in the last quarter. Finally, Pertento Partners LLP grew its position in shares of Applied Digital by 49.0% in the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock valued at $19,319,000 after purchasing an additional 831,705 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Company Profile

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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