Applied Digital (NASDAQ:APLD) Shares Gap Down to $6.77

Applied Digital Co. (NASDAQ:APLDGet Free Report) gapped down prior to trading on Friday . The stock had previously closed at $6.77, but opened at $6.46. Applied Digital shares last traded at $6.43, with a volume of 478,342 shares traded.

Analysts Set New Price Targets

Several brokerages have weighed in on APLD. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Friday, June 14th. Roth Mkm raised their price target on Applied Digital from $8.00 to $11.00 and gave the company a “buy” rating in a report on Monday, June 24th. Lake Street Capital lowered their price target on Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, April 12th. HC Wainwright reissued a “buy” rating and set a $5.00 price target on shares of Applied Digital in a report on Wednesday, June 12th. Finally, B. Riley raised their price target on Applied Digital from $6.00 to $8.00 and gave the company a “buy” rating in a report on Friday, June 28th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $8.40.

Get Our Latest Analysis on Applied Digital

Applied Digital Price Performance

The company has a 50 day moving average of $4.57 and a two-hundred day moving average of $4.72. The firm has a market cap of $952.24 million, a P/E ratio of -8.78 and a beta of 4.56. 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:APLDGet Free Report) last announced its 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). Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The firm had revenue of $43.35 million for the quarter, compared to the consensus estimate of $50.36 million. Sell-side analysts expect that Applied Digital Co. will post -1.03 EPS for the current year.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of APLD. Principal Financial Group Inc. acquired a new position in shares of Applied Digital in the 1st quarter valued at $50,000. Tower Research Capital LLC TRC boosted its position in shares of Applied Digital by 380.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock valued at $54,000 after purchasing an additional 6,347 shares during the period. Capstone Investment Advisors LLC acquired a new position in shares of Applied Digital in the 4th quarter valued at $78,000. ICA Group Wealth Management LLC acquired a new position in shares of Applied Digital in the 4th quarter valued at $81,000. Finally, Chesapeake Capital Corp IL acquired a new position in shares of Applied Digital in the 4th quarter valued at $86,000. Institutional investors and hedge funds 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.

Further Reading

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