Applied Digital (NASDAQ:APLD) Shares Up 4.7%

Applied Digital Co. (NASDAQ:APLD)’s share price shot up 4.7% during mid-day trading on Monday . The company traded as high as $4.65 and last traded at $4.65. 279,321 shares were traded during mid-day trading, a decline of 94% from the average session volume of 4,366,700 shares. The stock had previously closed at $4.44.

Analyst Ratings Changes

A number of brokerages have issued reports on APLD. 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 raised their price objective on shares of Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, July 10th. Roth Mkm reissued a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, July 10th. Finally, Lake Street Capital dropped their price objective on shares of 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 investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital presently has an average rating of “Buy” and a consensus price target of $8.40.

Applied Digital Stock Performance

The stock’s 50-day moving average is $5.29 and its 200-day moving average is $4.54. The stock has a market cap of $598.23 million, a price-to-earnings ratio of -5.58 and a beta of 4.56. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.30 and a quick ratio of 0.30.

Institutional Trading of Applied Digital

Hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its position in Applied Digital by 380.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $54,000 after acquiring an additional 6,347 shares during the last quarter. ARS Investment Partners LLC acquired a new position in shares of Applied Digital in the 2nd quarter valued at $60,000. Capstone Investment Advisors LLC acquired a new position in shares of Applied Digital in the 4th quarter valued at $78,000. Principal Financial Group Inc. acquired a new position in shares of Applied Digital in the 1st quarter valued at $50,000. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Applied Digital in the 4th quarter valued at $81,000. 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.