Applied Digital (NASDAQ:APLD) Trading Down 6.8%

Applied Digital Co. (NASDAQ:APLD)’s share price was down 6.8% during trading on Tuesday . The company traded as low as $3.92 and last traded at $4.27. Approximately 1,588,891 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 3,606,518 shares. The stock had previously closed at $4.58.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on APLD shares. Roth Mkm dropped their target price on Applied Digital from $13.00 to $8.00 and set a “buy” rating for the company in a report on Friday, April 12th. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Applied Digital in a report on Friday, May 17th. Lake Street Capital dropped their target price on Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a report on Friday, April 12th. Finally, B. Riley dropped their price objective on Applied Digital from $8.00 to $6.00 and set a “buy” rating for the company in a report on Monday, May 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $9.60.

Applied Digital Price Performance

The stock has a fifty day moving average of $3.48 and a 200-day moving average of $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 posted its quarterly earnings data on Thursday, April 11th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The business had revenue of $43.35 million for the quarter, compared to analysts’ expectations of $50.36 million. As a group, research analysts forecast that Applied Digital Co. will post -1.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently made changes to their positions in the company. Versor Investments LP purchased a new stake in shares of Applied Digital in the 4th quarter worth $121,000. Russell Investments Group Ltd. lifted its holdings in shares of 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 buying an additional 161,250 shares during the period. William Blair Investment Management LLC lifted its holdings in shares of Applied Digital by 110.9% in the 3rd quarter. William Blair Investment Management LLC now owns 1,152,940 shares of the company’s stock worth $7,194,000 after buying an additional 606,347 shares during the period. Swiss National Bank purchased a new stake in shares of Applied Digital in the 3rd quarter worth $856,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Applied Digital by 40.6% in the 3rd quarter. Vanguard Group Inc. now owns 3,335,542 shares of the company’s stock worth $20,814,000 after buying an additional 963,390 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.