Applied Digital (NASDAQ:APLD) Trading Down 8.7%

Applied Digital Co. (NASDAQ:APLDGet Free Report) fell 8.7% during trading on Friday . The company traded as low as $4.46 and last traded at $4.49. 2,692,592 shares were traded during trading, a decline of 25% from the average session volume of 3,601,865 shares. The stock had previously closed at $4.92.

Analysts Set New Price Targets

A number of research analysts have commented on APLD shares. Roth Mkm decreased their price objective on 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 reduced their price target on Applied Digital from $8.00 to $6.00 and set a “buy” rating on the stock in a research report on Monday, May 6th. Lake Street Capital dropped their price objective on Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Applied Digital in a research note on Friday, May 17th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $9.60.

Read Our Latest Research Report on APLD

Applied Digital Stock Performance

The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90. The business has a 50-day moving average of $3.50 and a 200-day moving average of $4.71.

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

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently made changes to their positions in the company. Oasis Management Co Ltd. raised its position 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 purchasing an additional 940,075 shares in the last quarter. Versor Investments LP bought a new stake in shares of Applied Digital in the fourth quarter worth $121,000. Russell Investments Group Ltd. boosted its position 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 last quarter. William Blair Investment Management LLC boosted its position 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 valued at $7,194,000 after acquiring an additional 606,347 shares during the last quarter. Finally, Swiss National Bank bought a new stake in Applied Digital during the third quarter valued at $856,000. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

(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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