Applied Digital (NASDAQ:APLD) Shares Down 6.1%

Applied Digital Co. (NASDAQ:APLD) traded down 6.1% during mid-day trading on Tuesday . The company traded as low as $3.99 and last traded at $4.00. 2,632,250 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 4,378,531 shares. The stock had previously closed at $4.26.

Analyst Ratings Changes

APLD has been the subject of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $5.00 target price on shares of Applied Digital in a report on Wednesday, June 12th. B. Riley raised their target price on shares of Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Roth Mkm restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Wednesday, July 10th. Lake Street Capital reduced their price target on shares of Applied Digital from $19.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Wednesday, July 10th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $8.40.

Applied Digital Stock Down 6.6 %

The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $546.10 million, a PE ratio of -4.99 and a beta of 4.56. The business’s 50-day moving average price is $5.29 and its 200-day moving average price is $4.51.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Hood River Capital Management LLC increased its stake in shares of 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 during the last quarter. Capital Research Global Investors increased its position in Applied Digital by 427.2% in the 4th quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock worth $49,453,000 after purchasing an additional 5,945,559 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after purchasing an additional 2,547,485 shares in the last quarter. Oasis Management Co Ltd. lifted its holdings in shares of Applied Digital by 23.6% during the 4th quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock valued at $33,216,000 after buying an additional 940,075 shares during the last quarter. Finally, Equitec Proprietary Markets LLC lifted its holdings in shares of Applied Digital by 1.4% during the 1st quarter. Equitec Proprietary Markets LLC now owns 4,228,125 shares of the company’s stock valued at $18,096,000 after buying an additional 59,468 shares during the last quarter. Hedge funds and other institutional investors 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.