Applied Digital (NASDAQ:APLD) Stock Price Up 6.1%

Shares of Applied Digital Co. (NASDAQ:APLD) shot up 6.1% during trading on Tuesday . The stock traded as high as $6.30 and last traded at $6.25. 6,071,688 shares changed hands during trading, an increase of 3% from the average session volume of 5,898,710 shares. The stock had previously closed at $5.89.

Analyst Upgrades and Downgrades

Several research firms have weighed in on APLD. HC Wainwright reissued a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, September 5th. B. Riley boosted their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday, September 9th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and a consensus price target of $8.40.

Applied Digital Price Performance

The stock has a market cap of $797.18 million, a P/E ratio of -7.91 and a beta of 4.51. The business has a 50-day simple moving average of $4.79 and a 200 day simple moving average of $4.40. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The company had revenue of $43.70 million during the quarter, compared to the consensus estimate of $42.70 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. On average, analysts forecast that Applied Digital Co. will post -1.02 earnings per share for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 20.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently made changes to their positions in APLD. Point72 Asset Management L.P. acquired a new position in Applied Digital during the 2nd quarter worth approximately $1,451,000. B. Riley Wealth Advisors Inc. raised its position in shares of Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after purchasing an additional 308,223 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Applied Digital by 25.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock worth $224,000 after purchasing an additional 7,517 shares in the last quarter. Alight Capital Management LP acquired a new stake in Applied Digital in the 2nd quarter valued at $3,570,000. Finally, Marshall Wace LLP bought a new stake in Applied Digital during the 2nd quarter valued at $720,000. Institutional investors and hedge funds 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.