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

Applied Digital Co. (NASDAQ:APLD)’s stock price gapped down prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

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

Applied Digital Price Performance

The company has a market cap of $810.91 million, a PE ratio of -7.71 and a beta of 4.51. The stock has a fifty day simple moving average of $4.81 and a two-hundred day simple moving average of $4.39. 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 announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. The business had revenue of $43.70 million for the quarter, compared to analyst estimates of $42.70 million. During the same period in the prior year, the company earned ($0.07) EPS. On average, equities analysts predict that Applied Digital Co. will post -1.02 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated 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 $1,201,783. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of APLD. Swiss National Bank lifted its position in shares of Applied Digital by 6.9% in the fourth quarter. Swiss National Bank now owns 146,600 shares of the company’s stock valued at $988,000 after acquiring an additional 9,500 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Applied Digital during the 4th quarter worth about $107,000. Chesapeake Capital Corp IL purchased a new stake in shares of Applied Digital during the fourth quarter worth about $86,000. Capstone Investment Advisors LLC purchased a new stake in shares of Applied Digital during the fourth quarter worth about $78,000. Finally, Redmond Asset Management LLC raised its position in shares of Applied Digital by 118.5% in the fourth quarter. Redmond Asset Management LLC now owns 221,638 shares of the company’s stock valued at $1,494,000 after buying an additional 120,195 shares during the last quarter. 65.67% of the stock is 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.