Applied Digital (NASDAQ:APLD) Shares Gap Down – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s share price gapped down prior to trading on Monday . The stock had previously closed at $6.83, but opened at $6.45. Applied Digital shares last traded at $6.45, with a volume of 7,197,205 shares.

Wall Street Analyst Weigh In

APLD has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Wednesday, April 23rd. Cantor Fitzgerald lowered their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday, April 15th. HC Wainwright lowered their target price on Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Northland Securities raised their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Finally, Compass Point initiated coverage on Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 price target on the stock. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $10.67.

Applied Digital Price Performance

The company has a market cap of $1.50 billion, a P/E ratio of -3.86 and a beta of 5.98. The company’s 50-day moving average price is $5.54 and its 200-day moving average price is $7.39. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). The business had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same period last year, the firm earned ($0.24) EPS. As a group, sell-side analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its holdings in shares of Applied Digital by 96.6% in the 4th quarter. Wells Fargo & Company MN now owns 119,963 shares of the company’s stock valued at $917,000 after purchasing an additional 58,943 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock valued at $97,487,000 after purchasing an additional 3,587,619 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Applied Digital by 68.7% in the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock valued at $1,978,000 after purchasing an additional 105,428 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after purchasing an additional 273,666 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares in 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.