Applied Digital (NASDAQ:APLD) Shares Gap Up – What’s Next?

Applied Digital Co. (NASDAQ:APLD) gapped up before the market opened on Friday . The stock had previously closed at $5.59, but opened at $5.76. Applied Digital shares last traded at $6.47, with a volume of 13,578,975 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on APLD shares. HC Wainwright cut their price target on Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Needham & Company LLC restated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Wednesday, April 23rd. Compass Point started coverage on Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price target on the stock. Northland Securities upped their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald cut their price target on Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday, April 15th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $10.67.

Applied Digital Stock Up 22.2%

The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a fifty day moving average price of $5.54 and a 200 day moving average price of $7.39. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -3.95 and a beta of 5.98.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The firm had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same period in the prior year, the firm posted ($0.24) earnings per share. As a group, sell-side analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Barclays PLC increased its position in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Applied Digital by 18.4% in the third quarter. JPMorgan Chase & Co. now owns 56,355 shares of the company’s stock valued at $465,000 after purchasing an additional 8,774 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after purchasing an additional 1,692 shares during the period. Dakota Wealth Management purchased a new stake in shares of Applied Digital in the fourth quarter valued at $115,000. Finally, SG Americas Securities LLC grew its position in shares of Applied Digital by 414.5% in the fourth quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock valued at $2,031,000 after purchasing an additional 214,133 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.