Applied Digital (NASDAQ:APLD) Trading Up 13%

Shares of Applied Digital Co. (NASDAQ:APLD) rose 13% during trading on Monday . The stock traded as high as $5.19 and last traded at $5.14. Approximately 3,321,565 shares were traded during trading, a decline of 39% from the average daily volume of 5,407,399 shares. The stock had previously closed at $4.55.

Wall Street Analysts Forecast Growth

APLD has been the subject of a number of research reports. HC Wainwright restated a “buy” rating and set a $5.00 target price on shares of Applied Digital in a report on Thursday, August 29th. B. Riley raised their price objective on Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Monday. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research report on Thursday, September 5th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $8.20.

Applied Digital Stock Performance

The firm’s 50-day simple moving average is $4.86 and its two-hundred day simple moving average is $4.35. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $883.63 million, a PE ratio of -8.15 and a beta of 4.51.

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

Insider Buying and Selling at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the 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 sale, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 20.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently modified their holdings of APLD. Price T Rowe Associates Inc. MD grew its stake in Applied Digital by 15.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after purchasing an additional 3,182 shares in the last quarter. ICA Group Wealth Management LLC grew its stake in shares of Applied Digital by 56.8% in the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after buying an additional 6,795 shares in the last quarter. Headlands Technologies LLC increased its holdings in Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Applied Digital by 25.0% during the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after acquiring an additional 7,517 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Applied Digital by 6.9% in the fourth quarter. Swiss National Bank now owns 146,600 shares of the company’s stock valued at $988,000 after acquiring an additional 9,500 shares during the last quarter. 65.67% of the stock is currently 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.