Applied Digital (NASDAQ:APLD) Shares Gap Down – What’s Next?

Applied Digital Co. (NASDAQ:APLD) shares gapped down prior to trading on Monday . The stock had previously closed at $6.83, but opened at $6.45. Applied Digital shares last traded at $6.45, with a volume of 7,197,205 shares changing hands.

Wall Street Analysts Forecast Growth

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

Applied Digital Stock Performance

The company’s 50-day moving average is $5.54 and its two-hundred day moving average is $7.39. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market cap of $1.50 billion, a P/E ratio of -3.86 and a beta of 5.98.

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 return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $52.92 million for the quarter, compared to analysts’ expectations of $62.91 million. During the same quarter in the previous year, the business earned ($0.24) EPS. As a group, equities analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Large investors have recently added to or reduced their stakes in the business. Situational Awareness LP bought a new stake in Applied Digital during the first quarter worth about $22,680,000. Vanguard Group Inc. lifted its stake in Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after purchasing an additional 3,587,619 shares during the last quarter. Van ECK Associates Corp lifted its stake in Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after purchasing an additional 2,344,572 shares during the last quarter. Tidal Investments LLC lifted its stake in Applied Digital by 14,635.7% during the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company’s stock worth $12,972,000 after purchasing an additional 1,686,328 shares during the last quarter. Finally, American Century Companies Inc. purchased a new stake in Applied Digital during the 4th quarter valued at about $12,843,000. Institutional investors own 65.67% of the company’s stock.

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.