Applied Digital (NASDAQ:APLD) Shares Gap Up to $4.24

Applied Digital Co. (NASDAQ:APLD) shares gapped up prior to trading on Thursday . The stock had previously closed at $4.24, but opened at $4.40. Applied Digital shares last traded at $4.36, with a volume of 670,985 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on APLD. Roth Mkm dropped their target price on Applied Digital from $13.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Applied Digital in a research report on Friday, May 17th. B. Riley lowered their price objective on shares of Applied Digital from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Monday, May 6th. Finally, Lake Street Capital cut their price target on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, April 12th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $9.60.

Applied Digital Stock Up 1.9 %

The stock’s fifty day moving average price is $3.48 and its 200-day moving average price is $4.72. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share 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 for the quarter, compared to analyst estimates of $50.36 million. Equities research analysts anticipate that Applied Digital Co. will post -1.03 EPS for the current fiscal year.

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hood River Capital Management LLC grew its holdings in shares of Applied Digital by 2.8% during the 1st quarter. Hood River Capital Management LLC now owns 8,824,532 shares of the company’s stock worth $37,769,000 after purchasing an additional 240,177 shares during the period. Capital Research Global Investors lifted its holdings in shares of 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 acquiring an additional 5,945,559 shares during the last quarter. Vanguard Group Inc. raised its position in Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the period. Oasis Management Co Ltd. lifted 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 buying an additional 940,075 shares in the last quarter. Finally, Equitec Proprietary Markets LLC grew its stake in shares of Applied Digital by 1.4% in the first quarter. Equitec Proprietary Markets LLC now owns 4,228,125 shares of the company’s stock worth $18,096,000 after acquiring an additional 59,468 shares in the last quarter. 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.