Applied Digital (NASDAQ:APLD) Shares Down 6.9% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) shares were down 6.9% during mid-day trading on Thursday . The stock traded as low as $3.77 and last traded at $3.80. Approximately 8,733,922 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 27,889,309 shares. The stock had previously closed at $4.08.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on APLD shares. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. HC Wainwright decreased their price target on Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a research note on Tuesday. Needham & Company LLC dropped their price objective on Applied Digital from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday. Cantor Fitzgerald reduced their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Northland Securities upped their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $10.67.

Applied Digital Stock Down 3.4 %

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a 50-day simple moving average of $6.78 and a two-hundred day simple moving average of $7.78. The company has a market cap of $885.39 million, a PE ratio of -2.28 and a beta of 5.18.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). The company had revenue of $52.92 million for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the business posted ($0.24) EPS. Research analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Institutional Trading of Applied Digital

A number of hedge funds have recently bought and sold shares of APLD. Wilmington Savings Fund Society FSB lifted its stake in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares during the period. R Squared Ltd purchased a new stake in shares of Applied Digital in the fourth quarter valued at $36,000. US Bancorp DE acquired a new position in Applied Digital in the fourth quarter valued at $37,000. Jones Financial Companies Lllp purchased a new position in Applied Digital during the fourth quarter worth about $39,000. Finally, Spire Wealth Management acquired a new stake in Applied Digital in the 4th quarter worth about $43,000. Institutional investors and hedge funds 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.