Home  »  Business   »  Is Applied Digital Corporation (NASDAQ: APLD) Dead...

Is Applied Digital Corporation (NASDAQ: APLD) Dead In The Water?

Applied Digital Corporation (NASDAQ:APLD) price closed higher on Monday, November 20, jumping 8.66% above its previous close.

A look at the daily price movement shows that the last close reads $4.04, with intraday deals fluctuated between $4.09 and $4.45. The company’s 5Y monthly beta was ticking 4.10. Taking into account the 52-week price action we note that the stock hit a 52-week high of $11.62 and 52-week low of $1.45. The stock subtracted -6.40% on its value in the past month.

Top 5 Artificial Intelligence Stocks to Buy for 2024

By now, you're well aware of the artificial intelligence boom. You know Big Tech has been investing billions of dollars into it. According to Next Move Strategy Consulting, the AI market – currently valued at about $100 billion – cold grow twenty-fold by 2030 to more than $2 trillion. That means you may want to strongly consider these top AI stocks. Get our free report, "Top 5 AI Stocks to Buy in 2024."

Click here to automatically get the our FREE Report & Special Offer "5 Best AI Stocks to Invest In"


Applied Digital Corporation, which has a market valuation of $464.68 million, is expected to release its quarterly earnings report Jan 08, 2024 – Jan 12, 2024. Analysts tracking APLD have forecast the quarterly EPS to grow by 0.01 per share this quarter, while the same analysts predict the annual EPS to hit $0.44 for the year 2023 and up to $1.05 for 2025. In this case, analysts estimate an annual EPS growth of 189.80% for the year and 138.60% for the next year.

On average, analysts have forecast the company’s revenue for the quarter will hit $57.31 million, with the likely lows of $49.6 million and highs of $68.5 million. Staying with the analyst view, there is a consensus estimate of $354.03 million for the company’s annual revenue in 2024. Per this projection, the revenue is forecast to grow 539.10% above that which the company brought in 2024.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give APLD a short term outlook of 100% Sell on average. Looking at the stock’s medium term indicators we note that it is averaging as a 100% Sell, while an average of long term indicators are currently assigning the stock as 50% Sell.

Here is a look at the average analyst rating for the stock as represented on a scale of 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock is strong buy or strong sell respectively. Specifically, 7 analysts have assigned APLD a recommendation rating as follows: 0 rate it as a Hold; 7 advise Buy while 0 analyst(s) assign an Overweight rating. 0 analyst(s) have tagged the Applied Digital Corporation (APLD) stock as Underweight, with 0 recommending Sell. In general, analysts have rated the stock Buy, a scenario likely to bolster investors out for an opportunity to add to their holdings of the company’s shares.

The overview shows that APLD’s price is at present -7.76% off the SMA20 and -14.21% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 43.34, with weekly volatility standing at 9.69%. The indicator jumps to 9.25% when calculated based on the past 30 days. Applied Digital Corporation (NASDAQ:APLD)’s beta value is holding at 3.86, while the average true range (ATR) indicator is currently reading 0.45. Considering analysts have assigned the stock a price target range of $12.00-$19.00 as the low and high respectively, we find the trailing 12-month average consensus price target to be $15.21. Based on this estimate, we see that current price is roughly -173.35% off the estimated low and -332.8% off the forecast high. Investors will no doubt be excited to see the share price fall to $15.00, which is the median consensus price, and at that level APLD would be -241.69% from current price.

An analysis of the Applied Digital Corporation (NASDAQ:APLD) stock in terms of its daily trading volume indicates that the 3-month average is 3.42 million. However, this figure increases on the past 10-day timeline to an average of 3.21 million.

Current records show that the company has 95.93M in outstanding shares. The insiders’ percentage holdings are 33.98% of outstanding shares while the percentage share held by institutions stands at 54.81%. The stats also highlight that short interest as of Oct 30, 2023, stood at 15.34 million shares, which puts the short ratio at the time at 3.7. From this we can glean that short interest is 14.43% of company’s current outstanding shares. Notably, we see that shares short in October rose slightly given the previous month’s figure stood at 13.81 million. But the 138.59% upside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.