Applied Digital (NASDAQ:APLD) Shares Gap Down to $6.09

Applied Digital Co. (NASDAQ:APLD)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $6.09, but opened at $5.90. Applied Digital shares last traded at $5.84, with a volume of 732,090 shares traded.

Analyst Ratings Changes

APLD has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday, September 9th. HC Wainwright reissued a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a research report on Thursday, August 29th. B. Riley upped their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, September 5th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average target price of $8.40.

Applied Digital Stock Performance

The stock’s 50-day simple moving average is $4.81 and its 200 day simple moving average is $4.39. The company has a market capitalization of $810.91 million, a PE ratio of -7.71 and a beta of 4.51. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The business had revenue of $43.70 million during the quarter, compared to analysts’ expectations of $42.70 million. During the same period last year, the company earned ($0.07) EPS. As a group, research analysts expect that Applied Digital Co. will post -1.02 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares in the company, valued at $1,201,783. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. purchased a new stake in shares of Applied Digital in the 1st quarter valued at about $50,000. Headlands Technologies LLC increased its position in Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares during the period. ARS Investment Partners LLC purchased a new stake in Applied Digital in the second quarter valued at approximately $60,000. Capstone Investment Advisors LLC acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $78,000. Finally, ICA Group Wealth Management LLC purchased a new position in shares of Applied Digital during the fourth quarter worth approximately $81,000. 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.