Applied Digital (NASDAQ:APLD) Shares Gap Down to $8.19

Applied Digital Co. (NASDAQ:APLD)’s share price gapped down prior to trading on Monday . The stock had previously closed at $8.19, but opened at $7.72. Applied Digital shares last traded at $7.76, with a volume of 2,843,689 shares changing hands.

Analyst Ratings Changes

Several research analysts have recently weighed in on APLD shares. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Monday, September 9th. B. Riley boosted their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, September 5th. Finally, HC Wainwright reissued a “buy” rating and issued a $5.00 price objective on shares of Applied Digital in a research report on Thursday, August 29th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $8.40.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The company’s 50-day simple moving average is $4.92 and its 200-day simple moving average is $4.56. The stock has a market capitalization of $1.12 billion, a P/E ratio of -10.04 and a beta of 4.51.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.29). Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. The firm had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. During the same period last year, the company posted ($0.07) earnings per share. As a group, sell-side analysts expect that Applied Digital Co. will post -1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Institutional investors and hedge funds have recently modified their holdings of the stock. Alight Capital Management LP acquired a new position in shares of Applied Digital in the second quarter valued at $3,570,000. Woodmont Investment Counsel LLC increased its holdings in shares of Applied Digital by 4.2% in the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after purchasing an additional 10,149 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the last quarter. Register Financial Advisors LLC grew its stake in shares of Applied Digital by 74.0% in the first quarter. Register Financial Advisors LLC now owns 323,400 shares of the company’s stock valued at $1,384,000 after acquiring an additional 137,500 shares in the last quarter. Finally, Swiss National Bank grew its stake in shares of Applied Digital by 23.2% in the first quarter. Swiss National Bank now owns 180,600 shares of the company’s stock valued at $773,000 after acquiring an additional 34,000 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

About Applied Digital

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.