Applied Digital (NASDAQ:APLD) Trading 2.4% Higher – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD) shot up 2.4% during mid-day trading on Monday . The stock traded as high as $7.34 and last traded at $7.17. 4,802,809 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 27,015,619 shares. The stock had previously closed at $7.00.

Analysts Set New Price Targets

Several brokerages have issued reports on APLD. Northland Securities raised their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Cantor Fitzgerald decreased their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. 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. Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Monday, February 24th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $12.11.

Applied Digital Stock Down 4.5 %

The company’s fifty day simple moving average is $8.01 and its 200-day simple moving average is $7.90. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market capitalization of $1.56 billion, a PE ratio of -4.05 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.05) earnings per share. On average, analysts forecast that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares of the company’s stock, valued at $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 is available through this hyperlink. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently made changes to their positions in APLD. Wilmington Savings Fund Society FSB grew its holdings in shares of Applied Digital by 100.0% during 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 valued at $36,000. US Bancorp DE purchased a new stake in shares of Applied Digital during the fourth quarter valued at $37,000. Jones Financial Companies Lllp acquired a new position in Applied Digital during the fourth quarter valued at $39,000. Finally, Spire Wealth Management acquired a new position in Applied Digital during the fourth quarter valued at $43,000. 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.