In the last trading session, 6.19 million Applied Digital Corporation (NASDAQ:APLD) shares changed hands as the company’s beta touched 4.04. With the company’s per share price at $5.26 changed hands at -$0.14 or -2.59% during last session, the market valuation stood at $561.29M. APLD’s last price was a discount, traded about -120.91% off its 52-week high of $11.62. The share price had its 52-week low at $1.45, which suggests the last value was 72.43% up since then. When we look at Applied Digital Corporation’s average trading volume, we note the 10-day average is 2.78 million shares, with the 3-month average coming to 6.06 million.
Analysts gave the Applied Digital Corporation (APLD) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 2.00. If we narrow down to specifics, the data shows that 0 out of 6 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 0 recommended APLD as a Hold, 6 felt it is a Buy and 0 rated the stock as Underweight. Applied Digital Corporation’s EPS for the current quarter is expected to be -$0.02.
Applied Digital Corporation (NASDAQ:APLD) trade information
Instantly APLD was in red as seen at the end of in last trading. With action 1.54%, the performance over the past five days has been green. The drop to weekly highs of 5.82 on Friday, 09/15/23 subtracted -2.59% to the stock’s daily price. The company’s shares are showing year-to-date upside of 185.87%, with the 5-day performance at 1.54% in the green. However, in the 30-day time frame, Applied Digital Corporation (NASDAQ:APLD) is -18.26% down. Looking at the short shares, we see there were 12.96 million shares sold at short interest cover period of 3.92 days.
The consensus price target for the stock as assigned by Wall Street analysts is $15.75, meaning bulls need an upside of 66.6% from its current market value. According to analyst projections, APLD’s forecast low is $12.00 with $19.00 as the target high. To hit the forecast high, the stock’s price needs a -261.22% plunge from its current level, while the stock would need to soar -128.14% for it to hit the projected low.
Applied Digital Corporation (APLD) estimates and forecasts
Data shows that the Applied Digital Corporation share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 164.32% over the past 6 months, a 183.67% in annual growth rate that is considerably higher than the industry average of 1.20%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Applied Digital Corporation will rise 60.00%, while the growth in revenue is estimated to hit 124.10% for the next quarter. Year-over-year growth is forecast to reach 583.30% up from the last financial year.
Consensus estimates given by 6 financial analysts project the company’s revenue in the current quarter to hit an average of $40.24 million. 6 analysts are of the opinion that Applied Digital Corporation’s revenue for the quarter ending Nov 2023 will be $72.87 million. The company’s revenue for the corresponding quarters a year ago was $6.64 million. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 506.00%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 25.30%. The 2023 estimates are for Applied Digital Corporation earnings to decrease by -20.70%.
Applied Digital Corporation is expected to release its next quarterly earnings report in October.
Applied Digital Corporation (NASDAQ:APLD)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 37.80% of Applied Digital Corporation shares while 38.66% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 62.15%. There are 38.66% institutions holding the Applied Digital Corporation stock share, with Hood River Capital Management LLC the top institutional holder. As of Jun 29, 2023, the company held 5.63% of the shares, roughly 5.85 million APLD shares worth $54.7 million.
Oasis Management Co Ltd. holds the second largest percentage of outstanding shares, with 4.05% or 4.21 million shares worth $39.32 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jul 30, 2023 were Roxbury/Hood River Small Cap Growth Fund and Vanguard Total Stock Market Index Fund. With 3.34 million shares estimated at $32.04 million under it, the former controlled 3.22% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 1.78% of the shares, roughly 1.85 million shares worth around $17.31 million.