Applied Digital (NASDAQ:APLD) Trading 3% Higher – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s share price shot up 3% during mid-day trading on Monday . The company traded as high as $5.73 and last traded at $5.55. 13,417,897 shares were traded during trading, a decline of 53% from the average session volume of 28,806,652 shares. The stock had previously closed at $5.39.

Analyst Ratings Changes

A number of brokerages have issued reports on APLD. Cantor Fitzgerald decreased their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday, April 15th. Compass Point began coverage on Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Northland Securities upped their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Wednesday, April 23rd. Finally, HC Wainwright decreased their target price on Applied Digital from $12.00 to $7.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has a consensus rating of “Buy” and a consensus price target of $10.67.

Applied Digital Stock Down 1.5%

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market capitalization of $1.19 billion, a P/E ratio of -3.07 and a beta of 5.98. The firm has a 50 day moving average of $5.65 and a 200-day moving average of $7.46.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. On average, equities research analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its position in Applied Digital by 96.6% in the fourth quarter. Wells Fargo & Company MN now owns 119,963 shares of the company’s stock worth $917,000 after purchasing an additional 58,943 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Applied Digital by 39.1% in the 4th 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 during the period. Rhumbline Advisers grew its stake in shares of 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 grew its stake in shares of Applied Digital by 37.6% in 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 period. Finally, Barclays PLC grew its stake in shares of Applied Digital by 736.8% in 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 period. 65.67% of the stock is currently owned by 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.