Applied Digital (NASDAQ:APLD) Trading 4.5% Higher

Shares of Applied Digital Co. (NASDAQ:APLD) rose 4.5% during mid-day trading on Monday . The company traded as high as $4.91 and last traded at $4.86. Approximately 2,381,354 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 3,707,282 shares. The stock had previously closed at $4.65.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. B. Riley decreased their price objective on Applied Digital from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Monday, May 6th. Lake Street Capital decreased their price objective on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, April 12th. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a report on Wednesday, June 12th. Roth Mkm reduced their target price on Applied Digital from $13.00 to $8.00 and set a “buy” rating for the company in a report on Friday, April 12th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $7.40.

Applied Digital Stock Up 15.9 %

The firm has a market capitalization of $739.56 million, a PE ratio of -6.24 and a beta of 4.38. The business’s fifty day moving average price is $3.57 and its 200 day moving average price is $4.70. 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) last posted its quarterly earnings data on Thursday, April 11th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.40). Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The company had revenue of $43.35 million for the quarter, compared to analysts’ expectations of $50.36 million. On average, equities research analysts forecast that Applied Digital Co. will post -1.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently modified their holdings of the stock. Barclays PLC increased its stake in Applied Digital by 73.6% in the 3rd quarter. Barclays PLC now owns 23,588 shares of the company’s stock valued at $146,000 after buying an additional 10,002 shares during the period. Swiss National Bank acquired a new position in shares of Applied Digital during the third quarter worth about $856,000. Federated Hermes Inc. purchased a new position in Applied Digital during the third quarter worth about $755,000. Millrace Asset Group Inc. acquired a new stake in Applied Digital in the third quarter valued at about $982,000. Finally, Numerai GP LLC boosted its holdings in Applied Digital by 370.3% in the 3rd quarter. Numerai GP LLC now owns 558,450 shares of the company’s stock valued at $3,485,000 after purchasing an additional 439,719 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

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.