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

Applied Digital Co. (NASDAQ:APLD)’s share 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 traded.

Analyst Upgrades and Downgrades

Several research firms have issued reports on APLD. Lake Street Capital dropped their price objective on Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, April 12th. 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. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Friday, June 14th. Roth Mkm increased their price target on Applied Digital from $8.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday. Finally, B. Riley cut their price objective on Applied Digital from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Monday, May 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $8.00.

Applied Digital Trading Up 3.5 %

The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90. The business’s fifty day moving average is $4.12 and its two-hundred day moving average is $4.73. The firm has a market cap of $856.19 million, a price-to-earnings ratio of -7.90 and a beta of 4.38.

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

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently modified their holdings of the business. Oasis Management Co Ltd. grew its holdings in Applied Digital by 23.6% during the 4th quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock worth $33,216,000 after acquiring an additional 940,075 shares during the period. Versor Investments LP bought a new stake in Applied Digital in the fourth quarter valued at about $121,000. Russell Investments Group Ltd. lifted its stake in Applied Digital by 154.0% in the fourth quarter. Russell Investments Group Ltd. now owns 265,929 shares of the company’s stock valued at $1,792,000 after buying an additional 161,250 shares during the period. Swiss National Bank acquired a new position in shares of Applied Digital during the 3rd quarter worth about $856,000. Finally, Jump Financial LLC bought a new stake in shares of Applied Digital in the 4th quarter valued at about $107,000. 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.