Applied Digital (NASDAQ:APLD) Shares Up 0.9% – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s share price rose 0.9% during trading on Thursday . The stock traded as high as $9.79 and last traded at $9.73. Approximately 4,692,250 shares were traded during trading, a decline of 79% from the average daily volume of 22,679,406 shares. The stock had previously closed at $9.64.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Craig Hallum lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Cantor Fitzgerald dropped their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Wednesday, January 15th. Lake Street Capital lifted their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, HC Wainwright upped their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $11.29.

Applied Digital Trading Down 2.6 %

The firm has a market cap of $2.09 billion, a P/E ratio of -5.43 and a beta of 4.78. The business’s 50-day moving average is $8.93 and its two-hundred day moving average is $7.04. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.05) earnings per share. As a group, analysts expect that Applied Digital Co. will post -0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the transaction, the director now directly owns 384,317 shares of the company’s stock, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 289,369 shares of company stock valued at $2,622,461 over the last three months. Company insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds have recently added to or reduced their stakes in APLD. R Squared Ltd acquired a new position in shares of Applied Digital during the fourth quarter valued at $36,000. KBC Group NV bought a new position in Applied Digital in the 4th quarter valued at about $55,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Applied Digital during the 3rd quarter valued at about $59,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in shares of Applied Digital during the 3rd quarter worth about $83,000. Finally, Gunderson Capital Management Inc. acquired a new stake in shares of Applied Digital in the 4th quarter worth approximately $83,000. 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.