Applied Digital (NASDAQ:APLD) Shares Gap Up to $3.24

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $3.24, but opened at $4.77. Applied Digital shares last traded at $4.63, with a volume of 32,001,576 shares.

Wall Street Analysts Forecast Growth

APLD has been the topic of a number of research reports. Needham & Company LLC restated a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a report on Thursday, August 29th. B. Riley upped their price objective on Applied Digital from $6.00 to $8.00 and gave the company a "buy" rating in a research report on Friday, June 28th. HC Wainwright restated a "buy" rating and set a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Finally, Roth Mkm reiterated a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has an average rating of "Buy" and a consensus target price of $8.20.

Applied Digital Price Performance

The stock has a market capitalization of $736.81 million, a PE ratio of -6.66 and a beta of 4.51. The stock's 50 day moving average price is $4.91 and its 200-day moving average price is $4.32. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 109.89%. The company had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. During the same period in the prior year, the firm posted ($0.07) EPS. As a group, equities analysts forecast that Applied Digital Co. will post -1.02 EPS for the current year.

Hedge Funds Weigh In On Applied Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its position in Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company's stock worth $103,000 after purchasing an additional 3,182 shares during the last quarter. ICA Group Wealth Management LLC lifted its stake in shares of Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company's stock worth $112,000 after buying an additional 6,795 shares during the period. Headlands Technologies LLC grew its holdings in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock valued at $52,000 after buying an additional 6,933 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Applied Digital by 25.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company's stock valued at $224,000 after acquiring an additional 7,517 shares during the period. Finally, Swiss National Bank raised its stake in Applied Digital by 6.9% in the 4th quarter. Swiss National Bank now owns 146,600 shares of the company's stock worth $988,000 after acquiring an additional 9,500 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

About Applied Digital

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.