Applied Digital (NASDAQ:APLD) Trading Up 13%

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares rose 13% during mid-day trading on Monday . The stock traded as high as $5.19 and last traded at $5.14. Approximately 3,321,565 shares traded hands during trading, a decline of 39% from the average daily volume of 5,407,399 shares. The stock had previously closed at $4.55.

Wall Street Analysts Forecast Growth

APLD has been the subject of several recent analyst reports. HC Wainwright reiterated a "buy" rating and set a $5.00 price target on shares of Applied Digital in a research note on Thursday, August 29th. B. Riley increased their target price on Applied Digital from $6.00 to $8.00 and gave the company a "buy" rating in a research note on Friday, June 28th. Needham & Company LLC restated a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research note on Monday. Finally, Roth Mkm restated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $8.20.

Applied Digital Stock Performance

The firm has a fifty day simple moving average of $4.86 and a 200 day simple moving average of $4.32. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The stock has a market cap of $902.84 million, a price-to-earnings ratio of -6.51 and a beta of 4.51.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.29). The firm had revenue of $43.70 million during the quarter, compared to analyst estimates of $42.70 million. Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. During the same period last year, the company earned ($0.07) EPS. As a group, sell-side analysts expect that Applied Digital Co. will post -1.02 earnings per share for the current year.

Hedge Funds Weigh In On Applied Digital

Several large investors have recently added to or reduced their stakes in APLD. International Assets Investment Management LLC raised its holdings in Applied Digital by 106.3% in the 4th quarter. International Assets Investment Management LLC now owns 25,275 shares of the company's stock valued at $1,700,000 after acquiring an additional 13,025 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Applied Digital by 71.5% in the 4th quarter. New York State Common Retirement Fund now owns 37,677 shares of the company's stock worth $254,000 after buying an additional 15,708 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Applied Digital by 154.0% in the 4th quarter. Russell Investments Group Ltd. now owns 265,929 shares of the company's stock worth $1,792,000 after buying an additional 161,250 shares in the last quarter. Swiss National Bank raised its holdings in shares of 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 buying an additional 9,500 shares in the last quarter. Finally, Versor Investments LP acquired a new position in shares of Applied Digital in the 4th quarter worth approximately $121,000. Institutional investors and hedge funds 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.