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

Applied Digital Co. (NASDAQ:APLD)’s share price gapped down before the market opened 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 changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on APLD shares. Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of Applied Digital in a report on Monday, September 9th. B. Riley boosted their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. HC Wainwright restated a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a research note on Thursday, August 29th. Finally, Roth Mkm reiterated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, September 5th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $8.40.

Applied Digital Price Performance

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

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $42.70 million. During the same period in the previous year, the company posted ($0.07) earnings per share. On average, analysts expect that Applied Digital Co. will post -1.02 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC lifted its position 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 acquiring an additional 6,933 shares during the last quarter. ARS Investment Partners LLC acquired a new position in Applied Digital in the second quarter worth about $60,000. Capstone Investment Advisors LLC acquired a new stake in shares of Applied Digital during the 4th quarter worth about $78,000. Principal Financial Group Inc. acquired a new position in shares of Applied Digital during the first quarter worth approximately $50,000. Finally, ICA Group Wealth Management LLC acquired a new stake in Applied Digital in the fourth quarter worth about $81,000. 65.67% of the stock is currently owned by institutional investors.

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.