Applied Digital (NASDAQ:APLD) Sees Large Volume Increase

Applied Digital Co. (NASDAQ:APLD) saw an uptick in trading volume on Tuesday . 1,801,541 shares changed hands during trading, a decline of 57% from the previous session’s volume of 4,151,450 shares.The stock last traded at $5.94 and had previously closed at $7.14.

Wall Street Analysts Forecast Growth

APLD has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Friday, June 14th. B. Riley increased their price objective on Applied Digital from $6.00 to $8.00 and gave the company a “buy” rating in a report on Friday, June 28th. Roth Mkm boosted their target price on Applied Digital from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. HC Wainwright reiterated a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a research note on Wednesday, June 12th. Finally, Lake Street Capital cut their price objective 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $8.40.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a fifty day simple moving average of $4.66 and a 200-day simple moving average of $4.71. The company has a market capitalization of $751.91 million, a price-to-earnings ratio of -7.52 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last released 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). The firm had revenue of $43.35 million for 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%. On average, equities research analysts anticipate that Applied Digital Co. will post -1.03 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. Tower Research Capital LLC TRC raised its position in Applied Digital by 380.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $54,000 after acquiring an additional 6,347 shares during the period. Capstone Investment Advisors LLC purchased a new stake in shares of Applied Digital during the fourth quarter worth about $78,000. Principal Financial Group Inc. acquired a new position in shares of Applied Digital during the 1st quarter worth about $50,000. ICA Group Wealth Management LLC purchased a new position in Applied Digital in the 4th quarter valued at about $81,000. Finally, Chesapeake Capital Corp IL acquired a new stake in Applied Digital in the 4th quarter worth about $86,000. Hedge funds and other institutional investors 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.