Applied Digital (NASDAQ:APLD) Shares Gap Down to $6.09

Applied Digital Co. (NASDAQ:APLD) gapped down prior to trading on Monday . The stock had previously closed at $6.09, but opened at $5.90. Applied Digital shares last traded at $5.84, with a volume of 732,090 shares.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on APLD. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, September 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Monday, September 9th. HC Wainwright reissued a “buy” rating and set a $5.00 target price on shares of Applied Digital in a research report on Thursday, August 29th. Finally, B. Riley raised their price target 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and a consensus price target of $8.40.

Applied Digital Stock Performance

The firm has a 50-day simple moving average of $4.80 and a 200 day simple moving average of $4.41. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The company has a market cap of $902.84 million, a price-to-earnings ratio of -7.89 and a beta of 4.51.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The business had revenue of $43.70 million during the quarter, compared to analyst estimates of $42.70 million. During the same period in the previous year, the company posted ($0.07) earnings per share. On average, sell-side analysts predict that Applied Digital Co. will post -1.02 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of APLD. Headlands Technologies LLC boosted its stake in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares during the period. ARS Investment Partners LLC acquired a new position in Applied Digital during the 2nd quarter valued at about $60,000. Capstone Investment Advisors LLC acquired a new stake in shares of Applied Digital during the fourth quarter worth $78,000. Principal Financial Group Inc. bought a new position in shares of Applied Digital during the first quarter worth $50,000. Finally, ICA Group Wealth Management LLC bought a new stake in Applied Digital during the 4th quarter worth approximately $81,000. 65.67% of the stock is owned by institutional investors and hedge funds.

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.