Applied Digital (NASDAQ:APLD) Shares Gap Up to $3.24

Applied Digital Co. (NASDAQ:APLD) gapped up before the market opened on Thursday . The stock had previously closed at $3.24, but opened at $4.77. Applied Digital shares last traded at $4.63, with a volume of 32,001,576 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a report on Thursday, August 29th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Thursday, August 29th. Finally, B. Riley boosted their target price on shares of Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $8.20.

Applied Digital Trading Down 15.3 %

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 company has a market cap of $624.30 million, a price-to-earnings ratio of -5.76 and a beta of 4.51. The firm has a 50 day moving average price of $4.86 and a two-hundred day moving average price of $4.32.

Applied Digital (NASDAQ:APLD) last released its earnings results 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). The firm had revenue of $43.70 million for the quarter, compared to analyst estimates of $42.70 million. Applied Digital had a negative net margin of 88.95% and a negative return on equity of 109.89%. During the same period in the prior year, the company posted ($0.07) EPS. As a group, equities analysts forecast that Applied Digital Co. will post -1.02 earnings per share for the current year.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. acquired a new stake in Applied Digital during the 2nd quarter worth about $1,451,000. B. Riley Wealth Advisors Inc. boosted its position in shares of Applied Digital by 66.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after purchasing an additional 308,223 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Applied Digital by 25.0% during the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock worth $224,000 after purchasing an additional 7,517 shares during the period. Alight Capital Management LP acquired a new stake in Applied Digital during the second quarter worth approximately $3,570,000. Finally, Marshall Wace LLP bought a new stake in Applied Digital in the second quarter worth approximately $720,000. 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.