Applied Digital (NASDAQ:APLD) Shares Gap Down – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD) gapped down before the market opened on Monday . The stock had previously closed at $5.72, but opened at $5.34. Applied Digital shares last traded at $5.33, with a volume of 2,454,116 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on APLD shares. Compass Point assumed coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. HC Wainwright boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Northland Securities lifted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Monday, February 24th. Finally, Cantor Fitzgerald lowered their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $12.11.

Applied Digital Stock Up 8.4 %

The company has a market capitalization of $1.36 billion, a P/E ratio of -3.52 and a beta of 4.69. The stock has a 50 day moving average price of $7.63 and a 200 day moving average price of $8.01. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same quarter last year, the business posted ($0.05) EPS. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. Equities research analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 11.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Large investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB lifted its holdings in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd bought a new position in shares of Applied Digital in the fourth quarter valued at approximately $36,000. US Bancorp DE bought a new stake in Applied Digital during the 4th quarter worth approximately $37,000. Jones Financial Companies Lllp purchased a new stake in Applied Digital in the 4th quarter worth approximately $39,000. Finally, Spire Wealth Management purchased a new stake in shares of Applied Digital in the fourth quarter worth $43,000. 65.67% of the stock is owned by institutional investors.

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.