Applied Digital (NASDAQ:APLD) Sees Unusually-High Trading Volume

Applied Digital Co. (NASDAQ:APLD) saw strong trading volume on Friday . 6,095,919 shares changed hands during mid-day trading, an increase of 15% from the previous session’s volume of 5,296,257 shares.The stock last traded at $4.61 and had previously closed at $5.37.

Analyst Upgrades and Downgrades

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

Applied Digital Trading Down 16.0 %

The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. The company has a fifty day moving average price of $4.89 and a two-hundred day moving average price of $4.33. The firm has a market capitalization of $618.81 million, a price-to-earnings ratio of -5.87 and a beta of 4.51.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share (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 109.89%. The company had revenue of $43.70 million during the quarter, compared to analysts’ expectations of $42.70 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. As a group, research analysts forecast that Applied Digital Co. will post -1.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. acquired a new stake in shares of Applied Digital during the 2nd quarter worth about $1,451,000. B. Riley Wealth Advisors Inc. increased its position in shares of Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after acquiring an additional 308,223 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Applied Digital by 25.0% during the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after acquiring an additional 7,517 shares during the last quarter. Alight Capital Management LP purchased a new stake in shares of Applied Digital in the 2nd quarter valued at approximately $3,570,000. Finally, Marshall Wace LLP acquired a new position in shares of Applied Digital in the 2nd quarter worth approximately $720,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.