Applied Digital (NASDAQ:APLD) Trading Up 3% – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s stock price rose 3% during trading on Thursday . The company traded as high as $8.90 and last traded at $8.34. Approximately 13,410,298 shares traded hands during trading, a decline of 51% from the average daily volume of 27,230,598 shares. The stock had previously closed at $8.10.

Analysts Set New Price Targets

Several analysts have commented on the company. Northland Securities raised their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. HC Wainwright lifted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday. Finally, Cantor Fitzgerald lowered their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $12.11.

Applied Digital Stock Performance

The stock has a market cap of $1.75 billion, a PE ratio of -4.53 and a beta of 4.78. 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 50-day moving average of $8.41 and a 200 day moving average of $7.59.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million during 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% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.05) earnings per share. Equities analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction dated 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 directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in APLD. Vanguard Group Inc. grew its position in shares of Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after acquiring an additional 3,587,619 shares during the last quarter. Van ECK Associates Corp boosted its position in Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after purchasing an additional 2,344,572 shares in the last quarter. Tidal Investments LLC grew its position in shares of Applied Digital by 14,635.7% in the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company’s stock valued at $12,972,000 after purchasing an additional 1,686,328 shares during the last quarter. American Century Companies Inc. acquired a new position in shares of Applied Digital in the fourth quarter worth $12,843,000. Finally, Geode Capital Management LLC boosted its stake in shares of Applied Digital by 54.4% during the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after acquiring an additional 1,665,335 shares during the last quarter. Institutional investors and hedge funds 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.