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

Shares of Applied Digital Co. (NASDAQ:APLD) saw an uptick in trading volume on Friday after B. Riley raised their price target on the stock from $8.00 to $9.00. B. Riley currently has a buy rating on the stock. 4,035,929 shares changed hands during trading, a decline of 31% from the previous session’s volume of 5,843,025 shares.The stock last traded at $6.41 and had previously closed at $6.02.

A number of other equities research analysts have also recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, September 5th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Monday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $8.40.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares in the company, valued at $1,201,783. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 20.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several large investors have recently made changes to their positions in APLD. Capital Research Global Investors lifted its holdings 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 in the last quarter. Vanguard Group Inc. lifted its stake in Applied Digital by 70.2% in 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. Van ECK Associates Corp lifted its stake in Applied Digital by 92.1% in the 1st quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock worth $10,384,000 after purchasing an additional 1,163,247 shares in the last quarter. Oasis Management Co Ltd. boosted 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 purchasing an additional 940,075 shares during the last quarter. Finally, Hood River Capital Management LLC grew its position in shares of Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares in the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Stock Up 2.8 %

The business has a 50-day moving average of $4.83 and a 200 day moving average of $4.38. The company has a market capitalization of $849.32 million, a PE ratio of -8.04 and a beta of 4.51. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The firm had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. Equities research analysts predict that Applied Digital Co. will post -1.02 earnings per share for the current year.

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.