Applied Digital (NASDAQ:APLD) Trading 0.9% Higher – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s share price traded up 0.9% on Thursday . The company traded as high as $9.79 and last traded at $9.73. 4,692,250 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 22,679,406 shares. The stock had previously closed at $9.64.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on APLD shares. HC Wainwright increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a report on Wednesday, January 15th. Lake Street Capital boosted their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Cantor Fitzgerald dropped their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Finally, Craig Hallum boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $11.29.

Applied Digital Price Performance

The company has a 50 day moving average of $8.93 and a 200 day moving average of $7.04. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of -5.43 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same period in the prior year, the firm posted ($0.05) EPS. The company’s revenue was up 51.3% on a year-over-year basis. As a group, equities research analysts forecast that Applied Digital Co. will post -0.8 EPS for the current fiscal year.

Insider Activity

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the transaction, the director now directly owns 384,317 shares in the company, valued at approximately $2,886,220.67. This represents a 4.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 289,369 shares of company stock valued at $2,622,461 in the last ninety days. Company insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

A number of institutional investors have recently added to or reduced their stakes in APLD. Geode Capital Management LLC lifted its stake in shares of Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after purchasing an additional 1,002,862 shares in the last quarter. State Street Corp raised its holdings in shares of Applied Digital by 14.0% during the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after buying an additional 286,852 shares during the period. Royce & Associates LP lifted its position in Applied Digital by 1.4% during the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after acquiring an additional 15,763 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after acquiring an additional 273,666 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after acquiring an additional 240,554 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.