Applied Digital (NASDAQ:APLD) Shares Gap Down to $6.77

Shares of Applied Digital Co. (NASDAQ:APLD) gapped down prior to trading on Friday . The stock had previously closed at $6.77, but opened at $6.46. Applied Digital shares last traded at $6.43, with a volume of 478,342 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on APLD. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Friday, June 14th. Roth Mkm boosted their target price on shares of Applied Digital from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Lake Street Capital dropped their target price 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. B. Riley boosted their price target on shares of Applied Digital from $6.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a report on Wednesday, June 12th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $8.40.

Applied Digital Stock Down 2.8 %

The business has a 50 day moving average of $4.49 and a 200 day moving average of $4.73. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.30 and a current ratio of 0.30.

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

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently modified their holdings of the business. Hood River Capital Management LLC lifted its stake in Applied Digital by 2.8% in the first quarter. Hood River Capital Management LLC now owns 8,824,532 shares of the company’s stock valued at $37,769,000 after buying an additional 240,177 shares in the last quarter. Capital Research Global Investors boosted its stake in Applied Digital by 427.2% in the 4th quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock worth $49,453,000 after purchasing an additional 5,945,559 shares during the period. Vanguard Group Inc. increased its holdings in Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after purchasing an additional 2,547,485 shares in the last quarter. Oasis Management Co Ltd. lifted its holdings in shares of Applied Digital by 23.6% in the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock valued at $33,216,000 after purchasing an additional 940,075 shares in the last quarter. Finally, Equitec Proprietary Markets LLC boosted its position in shares of Applied Digital by 1.4% during the first quarter. Equitec Proprietary Markets LLC now owns 4,228,125 shares of the company’s stock worth $18,096,000 after buying an additional 59,468 shares during the period. 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.