Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price fell 5.1% during mid-day trading on Wednesday . The stock traded as low as $6.05 and last traded at $6.11. 2,153,815 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 5,763,471 shares. The stock had previously closed at $6.44.
Analysts Set New Price Targets
A number of brokerages have commented on APLD. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research report on Monday. 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. Roth Mkm reiterated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, September 5th. Finally, B. Riley increased their target price on shares of Applied Digital from $6.00 to $8.00 and gave the stock a "buy" rating in a research report on Friday, June 28th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has a consensus rating of "Buy" and a consensus target price of $8.20.
View Our Latest Research Report on APLD
Applied Digital Price Performance
The company has a market capitalization of $805.42 million, a PE ratio of -7.90 and a beta of 4.51. The stock has a 50 day moving average price of $4.86 and a two-hundred day moving average price of $4.35. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08.
Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $43.70 million for the quarter, compared to the consensus estimate 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 in the previous year, the business posted ($0.07) EPS. Equities analysts forecast that Applied Digital Co. will post -1.02 earnings per share for the current year.
Insider Activity at Applied Digital
In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares of the company's stock, valued at $1,201,783. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 20.50% of the stock is owned by company insiders.
Institutional Investors Weigh In On Applied Digital
A number of large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of Applied Digital by 15.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company's stock worth $103,000 after buying an additional 3,182 shares during the last quarter. ICA Group Wealth Management LLC lifted its position in Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company's stock worth $112,000 after acquiring an additional 6,795 shares during the last quarter. Headlands Technologies LLC lifted its position in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock worth $52,000 after acquiring an additional 6,933 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Applied Digital by 25.0% during the second 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 grew its position in shares of Applied Digital by 6.9% in the fourth quarter. Swiss National Bank now owns 146,600 shares of the company's stock valued at $988,000 after purchasing an additional 9,500 shares during the last quarter. Institutional investors own 65.67% of the company's stock.
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.
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