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

Applied Digital Co. (NASDAQ:APLD) 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 trading hands.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Lake Street Capital reduced their target price 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. Needham & Company LLC reiterated a “buy” rating and set a $15.00 price target on shares of Applied Digital in a research note on Friday, May 17th. B. Riley decreased their price target on Applied Digital from $8.00 to $6.00 and set a “buy” rating for the company in a report on Monday, May 6th. Finally, Roth Mkm cut their target price on Applied Digital from $13.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $9.60.

Applied Digital Stock Up 8.5 %

The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90. The firm’s 50 day moving average price is $3.48 and its two-hundred day moving average price is $4.71.

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

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its stake in Applied Digital by 14.1% in the first quarter. California State Teachers Retirement System now owns 91,086 shares of the company’s stock valued at $390,000 after purchasing an additional 11,288 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Applied Digital by 15.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after buying an additional 3,182 shares during the period. Hood River Capital Management LLC increased its position in shares of Applied Digital by 2.8% during the first quarter. Hood River Capital Management LLC now owns 8,824,532 shares of the company’s stock valued at $37,769,000 after purchasing an additional 240,177 shares during the period. JT Stratford LLC lifted its holdings in shares of Applied Digital by 157.5% during the 1st quarter. JT Stratford LLC now owns 308,626 shares of the company’s stock worth $1,321,000 after acquiring an additional 188,779 shares during the period. Finally, Vident Advisory LLC lifted its stake in Applied Digital by 26.7% during the first quarter. Vident Advisory LLC now owns 750,005 shares of the company’s stock worth $3,210,000 after purchasing an additional 157,819 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.