Applied Digital Sees Unusually High Options Volume (NASDAQ:APLD)

Applied Digital Co. (NASDAQ:APLD) was the recipient of some unusual options trading on Wednesday. Investors purchased 34,068 call options on the company. This is an increase of 511% compared to the average volume of 5,575 call options.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on APLD. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a research note on Wednesday, June 12th. B. Riley cut their target price on Applied Digital from $8.00 to $6.00 and set a “buy” rating on the stock in a research note on Monday, May 6th. 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 note on Monday. Lake Street Capital cut their target price on Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Friday, June 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital has an average rating of “Buy” and an average target price of $8.00.

Hedge Funds Weigh In On Applied Digital

Large investors have recently made changes to their positions in the business. Oasis Management Co Ltd. lifted its holdings in shares of Applied Digital by 23.6% during 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 during the last quarter. Versor Investments LP purchased a new position in Applied Digital in the 4th quarter worth approximately $121,000. Russell Investments Group Ltd. raised its holdings in Applied Digital by 154.0% in the 4th quarter. Russell Investments Group Ltd. now owns 265,929 shares of the company’s stock worth $1,792,000 after acquiring an additional 161,250 shares during the last quarter. Swiss National Bank purchased a new position in Applied Digital in the 3rd quarter worth approximately $856,000. Finally, Jump Financial LLC purchased a new position in Applied Digital in the 4th quarter worth approximately $107,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Stock Performance

Shares of APLD opened at $6.24 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30. Applied Digital has a one year low of $2.36 and a one year high of $11.07. The company has a 50-day simple moving average of $4.12 and a two-hundred day simple moving average of $4.73. The firm has a market capitalization of $856.19 million, a PE ratio of -7.90 and a beta of 4.38.

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

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.