Applied Digital (NASDAQ:APLD) Shares Gap Up to $6.33

Applied Digital Co. (NASDAQ:APLD)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $6.33, but opened at $6.48. Applied Digital shares last traded at $6.84, with a volume of 3,579,324 shares.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on APLD shares. Roth Mkm raised their target price on Applied Digital from $8.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday. 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 research report on Monday, May 6th. Lake Street Capital reduced their price target on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Friday, June 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $5.00 target price on shares of Applied Digital in a research report on Wednesday, June 12th. 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 $8.00.

Applied Digital Price Performance

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 has a market capitalization of $856.19 million, a PE ratio of -7.90 and a beta of 4.38. The company’s 50-day simple moving average is $4.12 and its 200-day simple moving average is $4.73.

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

Institutional Investors Weigh In On Applied Digital

Several large investors have recently modified their holdings of APLD. Principal Financial Group Inc. acquired a new position in Applied Digital in the 1st quarter valued at $50,000. Tower Research Capital LLC TRC raised its holdings in Applied Digital by 380.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $54,000 after purchasing an additional 6,347 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in Applied Digital in the fourth quarter valued at about $78,000. ICA Group Wealth Management LLC purchased a new stake in Applied Digital in the 4th quarter valued at approximately $81,000. Finally, Chesapeake Capital Corp IL acquired a new position in Applied Digital during the 4th quarter worth approximately $86,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

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.