Applied Digital (NASDAQ:APLD) Stock Price Up 2.9% – Here’s Why

Applied Digital Co. (NASDAQ:APLD) shot up 2.9% during trading on Thursday . The company traded as high as $7.50 and last traded at $7.47. 3,726,318 shares were traded during trading, a decline of 86% from the average session volume of 26,463,895 shares. The stock had previously closed at $7.26.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on APLD shares. HC Wainwright lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Monday, February 24th. Compass Point assumed coverage on Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Cantor Fitzgerald cut 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, Northland Securities lifted their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Nine 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 a consensus target price of $12.11.

Applied Digital Stock Performance

The firm has a 50 day moving average of $7.98 and a two-hundred day moving average of $7.89. The stock has a market cap of $1.62 billion, a PE ratio of -4.21 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last posted its earnings results 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. The firm had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm’s revenue was up 51.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) earnings per share. Research analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Wilmington Savings Fund Society FSB lifted its stake in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. R Squared Ltd purchased a new stake in shares of Applied Digital during the fourth quarter worth approximately $36,000. US Bancorp DE purchased a new stake in shares of Applied Digital during the fourth quarter worth approximately $37,000. Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital during the fourth quarter worth approximately $39,000. Finally, Spire Wealth Management purchased a new stake in shares of Applied Digital during the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.