Applied Digital (NASDAQ:APLD) Shares Down 4%

Applied Digital Co. (NASDAQ:APLD) shares fell 4% during mid-day trading on Friday . The company traded as low as $5.98 and last traded at $5.99. 2,524,645 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 4,118,643 shares. The stock had previously closed at $6.24.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on APLD. Roth Mkm upped their target price on Applied Digital from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, June 24th. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a report on Wednesday, June 12th. B. Riley upped their target price on Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Friday. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Friday, June 14th. Finally, Lake Street Capital decreased their price target on Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and a consensus target price of $8.40.

Applied Digital Stock Down 4.6 %

The firm has a 50 day moving average price of $4.19 and a two-hundred day moving average price of $4.72. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30.

Applied Digital (NASDAQ:APLD) last announced its 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). Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The business had revenue of $43.35 million for the quarter, compared to the consensus estimate of $50.36 million. As a group, research analysts predict that Applied Digital Co. will post -1.03 earnings per share for the current year.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System boosted its position in shares of Applied Digital by 14.1% during the 1st quarter. California State Teachers Retirement System now owns 91,086 shares of the company’s stock valued at $390,000 after purchasing an additional 11,288 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after purchasing an additional 3,182 shares in the last quarter. Hood River Capital Management LLC boosted its holdings in Applied Digital by 2.8% in the first quarter. Hood River Capital Management LLC now owns 8,824,532 shares of the company’s stock worth $37,769,000 after acquiring an additional 240,177 shares in the last quarter. JT Stratford LLC boosted its holdings in Applied Digital by 157.5% in the first quarter. JT Stratford LLC now owns 308,626 shares of the company’s stock worth $1,321,000 after acquiring an additional 188,779 shares in the last quarter. Finally, Vident Advisory LLC boosted its holdings in Applied Digital by 26.7% in the first quarter. Vident Advisory LLC now owns 750,005 shares of the company’s stock worth $3,210,000 after acquiring an additional 157,819 shares in the last quarter. 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.