Applied Digital (NASDAQ:APLD) Stock Price Up 1.8% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) rose 1.8% during mid-day trading on Thursday . The stock traded as high as $8.10 and last traded at $7.78. Approximately 4,296,481 shares changed hands during trading, a decline of 51% from the average daily volume of 8,718,619 shares. The stock had previously closed at $7.64.

Analyst Ratings Changes

A number of equities analysts recently issued reports on APLD shares. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. Cantor Fitzgerald assumed coverage on Applied Digital in a research note on Friday, December 20th. They issued an “overweight” rating and a $15.00 price target for the company. HC Wainwright lifted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Lake Street Capital increased their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, B. Riley boosted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and a consensus target price of $11.14.

Applied Digital Stock Performance

The company’s 50-day moving average price is $8.50 and its two-hundred day moving average price is $6.78. The company has a market cap of $1.92 billion, a P/E ratio of -7.79 and a beta of 4.67. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.10) earnings per share. As a group, equities analysts forecast that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares of the company’s stock, valued at $3,196,265.82. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 359,369 shares of company stock valued at $3,115,161 over the last three months. Company insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP boosted its position in Applied Digital by 8.8% during the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after purchasing an additional 3,040 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Applied Digital by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after acquiring an additional 5,423 shares in the last quarter. FMR LLC lifted its stake in Applied Digital by 99.1% in the third quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after acquiring an additional 6,507 shares during the last quarter. ICA Group Wealth Management LLC grew its position in Applied Digital by 56.8% in the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after acquiring an additional 6,795 shares in the last quarter. Finally, Headlands Technologies LLC increased its stake in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the last quarter. Hedge funds and other 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.