Applied Digital (NASDAQ:APLD) Stock Price Up 1.8% – Here’s Why

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on APLD shares. Cantor Fitzgerald started coverage on shares of Applied Digital in a report on Friday, December 20th. They set an “overweight” rating and a $15.00 price target for the company. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Friday, November 1st. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Lake Street Capital upped their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Craig Hallum raised their price objective 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. Seven 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 $11.14.

Applied Digital Trading Down 0.8 %

The firm has a market capitalization of $1.60 billion, a P/E ratio of -6.48 and a beta of 4.67. The business has a 50-day moving average price of $8.48 and a 200-day moving average price of $6.75. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

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

Insider Buying and Selling at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on 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 owns 208,506 shares in the company, valued at $1,670,133.06. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 359,369 shares of company stock valued at $3,115,161. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in Applied Digital by 18.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 56,355 shares of the company’s stock valued at $465,000 after purchasing an additional 8,774 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of Applied Digital during the third quarter worth $95,000. Virtu Financial LLC acquired a new stake in shares of Applied Digital in the third quarter valued at $2,030,000. Geode Capital Management LLC raised its holdings in shares of Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after buying an additional 1,002,862 shares during the last quarter. Finally, Barclays PLC lifted its position in Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares in 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.