Applied Digital (NASDAQ:APLD) Shares Up 4.7%

Applied Digital Co. (NASDAQ:APLD)’s stock price shot up 4.7% on Monday . The company traded as high as $4.65 and last traded at $4.65. 279,321 shares were traded during mid-day trading, a decline of 94% from the average session volume of 4,366,700 shares. The stock had previously closed at $4.44.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on APLD. Roth Mkm reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Wednesday, July 10th. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a research report on Wednesday, June 12th. B. Riley boosted their price target on Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Lake Street Capital reduced their price target on Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, July 10th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average price target of $8.40.

Applied Digital Stock Down 1.8 %

The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30. The business has a 50 day moving average price of $5.29 and a 200 day moving average price of $4.54. The firm has a market capitalization of $598.23 million, a P/E ratio of -5.58 and a beta of 4.56.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently made changes to their positions in the business. Oasis Management Co Ltd. increased its stake in Applied Digital by 23.6% during the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock valued at $33,216,000 after acquiring an additional 940,075 shares during the period. Versor Investments LP bought a new position in Applied Digital during the fourth quarter valued at about $121,000. Russell Investments Group Ltd. increased its stake in Applied Digital by 154.0% during the fourth quarter. Russell Investments Group Ltd. now owns 265,929 shares of the company’s stock valued at $1,792,000 after acquiring an additional 161,250 shares during the period. Woodmont Investment Counsel LLC increased its stake in Applied Digital by 4.2% during the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after acquiring an additional 10,149 shares during the period. Finally, Jump Financial LLC bought a new position in Applied Digital during the fourth quarter valued at about $107,000. 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.