Applied Digital (NASDAQ:APLD) Trading Up 7.2% – Here’s What Happened

Shares of Applied Digital Co. (NASDAQ:APLD) traded up 7.2% during trading on Tuesday . The company traded as high as $9.40 and last traded at $9.34. 6,108,587 shares traded hands during mid-day trading, a decline of 11% from the average session volume of 6,848,410 shares. The stock had previously closed at $8.71.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on APLD. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Thursday, October 17th. Lake Street Capital raised their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. HC Wainwright raised their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, B. Riley upped their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $10.50.

Applied Digital Trading Down 5.7 %

The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The business has a 50-day simple moving average of $6.21 and a two-hundred day simple moving average of $5.03. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -10.90 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The business had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period in the previous year, the firm earned ($0.10) EPS. The firm’s revenue was up 67.2% compared to the same quarter last year. Equities analysts forecast that Applied Digital Co. will post -1.12 EPS for the current fiscal year.

Insider Activity

In related news, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now directly owns 208,506 shares of the company’s stock, valued at $1,670,133.06. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 100,000 shares of company stock valued at $724,700 over the last ninety days. 20.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after buying an additional 2,547,485 shares in the last quarter. Van ECK Associates Corp raised its position in Applied Digital by 92.1% during the first quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock valued at $10,384,000 after purchasing an additional 1,163,247 shares in the last quarter. Hood River Capital Management LLC lifted its stake in 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 worth $57,098,000 after purchasing an additional 771,699 shares during the last quarter. Alight Capital Management LP acquired a new stake in shares of Applied Digital in the 2nd quarter valued at $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Applied Digital by 69.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock valued at $5,614,000 after purchasing an additional 536,948 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

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.