Applied Digital (NASDAQ:APLD) Shares Up 8.3% on Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD)’s share price was up 8.3% during trading on Monday after Roth Mkm raised their price target on the stock from $8.00 to $11.00. Roth Mkm currently has a buy rating on the stock. Applied Digital traded as high as $6.00 and last traded at $5.98. Approximately 1,119,308 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 3,948,566 shares. The stock had previously closed at $5.52.

APLD has been the subject of a number of other reports. B. Riley decreased their price objective on Applied Digital from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Monday, May 6th. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Friday, June 14th. Lake Street Capital dropped their price objective on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. Finally, HC Wainwright reissued a “buy” rating and set a $5.00 target price on shares of Applied Digital in a research note on Wednesday, June 12th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $8.00.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently added to or reduced their stakes in APLD. Barclays PLC grew its position in Applied Digital by 73.6% in the third quarter. Barclays PLC now owns 23,588 shares of the company’s stock worth $146,000 after acquiring an additional 10,002 shares in the last quarter. Swiss National Bank acquired a new position in Applied Digital during the third quarter worth $856,000. Federated Hermes Inc. acquired a new stake in shares of Applied Digital in the third quarter worth about $755,000. Vanguard Group Inc. lifted its position in shares of Applied Digital by 40.6% in the third 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 last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in shares of Applied Digital by 32.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 849,174 shares of the company’s stock worth $5,723,000 after acquiring an additional 209,692 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Performance

The stock has a fifty day moving average price of $3.98 and a 200 day moving average price of $4.71. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. The firm has a market cap of $868.54 million, a price-to-earnings ratio of -8.01 and a beta of 4.38.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Thursday, April 11th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate 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 company had revenue of $43.35 million for the quarter, compared to analyst estimates of $50.36 million. As a group, analysts predict that Applied Digital Co. will post -1.03 earnings per share for the current year.

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.