Applied Digital (NASDAQ:APLD) Stock Price Down 4.8%

Applied Digital Co. (NASDAQ:APLD)’s share price dropped 4.8% during mid-day trading on Tuesday . The stock traded as low as $5.02 and last traded at $5.20. Approximately 821,698 shares changed hands during trading, a decline of 78% from the average daily volume of 3,773,315 shares. The stock had previously closed at $5.46.

Analyst Ratings Changes

APLD has been the subject of several recent analyst reports. HC Wainwright restated a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a research report on Wednesday, June 12th. B. Riley cut 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 report on Monday, May 6th. Roth Mkm cut their price objective on shares of Applied Digital from $13.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Lake Street Capital dropped their price target on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Friday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $7.40.

Applied Digital Stock Down 2.4 %

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 stock has a market cap of $731.33 million, a price-to-earnings ratio of -6.84 and a beta of 4.38. The business’s fifty day moving average is $3.62 and its two-hundred day moving average is $4.70.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data 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 business had revenue of $43.35 million during the quarter, compared to analyst estimates of $50.36 million. Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. Equities analysts forecast that Applied Digital Co. will post -1.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System grew its holdings in shares of 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 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 worth $103,000 after acquiring an additional 3,182 shares during the last quarter. Hood River Capital Management LLC lifted its stake in Applied Digital by 2.8% in the first quarter. Hood River Capital Management LLC now owns 8,824,532 shares of the company’s stock worth $37,769,000 after acquiring an additional 240,177 shares during the last quarter. JT Stratford LLC lifted its stake in Applied Digital by 157.5% in the first 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 last quarter. Finally, Vident Advisory LLC lifted its stake in Applied Digital by 26.7% in the first quarter. Vident Advisory LLC now owns 750,005 shares of the company’s stock worth $3,210,000 after acquiring an additional 157,819 shares during 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.