Applied Digital (NASDAQ:APLD) Shares Gap Down to $4.67

Shares of Applied Digital Co. (NASDAQ:APLDGet Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $4.67, but opened at $4.53. Applied Digital shares last traded at $4.60, with a volume of 289,218 shares trading hands.

Analyst Ratings Changes

APLD has been the subject of several research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of Applied Digital in a report on Friday, May 17th. Roth Mkm cut their price target on shares of Applied Digital from $13.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. B. Riley dropped their target price on shares of Applied Digital from $8.00 to $6.00 and set a “buy” rating on the stock in a report on Monday, May 6th. Finally, Lake Street Capital dropped their target price on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, April 12th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and a consensus price target of $9.60.

Get Our Latest Analysis on Applied Digital

Applied Digital Stock Performance

The stock has a market capitalization of $552.72 million, a P/E ratio of -5.70 and a beta of 4.38. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30 and a current ratio of 0.30. The company’s fifty day simple moving average is $3.50 and its two-hundred day simple moving average is $4.71.

Applied Digital (NASDAQ:APLDGet Free Report) last released its quarterly earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.40). The company had revenue of $43.35 million during the quarter, compared to the consensus estimate of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. As a group, equities analysts forecast that Applied Digital Co. will post -1.03 EPS for the current year.

Institutional Trading of Applied Digital

Several large investors have recently made changes to their positions in the company. Oasis Management Co Ltd. raised its stake in shares of 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 last quarter. Versor Investments LP bought a new position in Applied Digital during the fourth quarter worth $121,000. Russell Investments Group Ltd. raised 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 worth $1,792,000 after buying an additional 161,250 shares during the last quarter. William Blair Investment Management LLC raised its stake in Applied Digital by 110.9% during the third quarter. William Blair Investment Management LLC now owns 1,152,940 shares of the company’s stock worth $7,194,000 after buying an additional 606,347 shares during the last quarter. Finally, Swiss National Bank bought a new position in Applied Digital during the third quarter worth $856,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

(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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