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

Applied Digital Co. (NASDAQ:APLD)’s share price was up 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 changed hands during mid-day trading, a decline of 79% from the average daily volume of 22,679,406 shares. The stock had previously closed at $9.64.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on APLD shares. HC Wainwright raised their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Craig Hallum lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Cantor Fitzgerald lowered their price objective 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. Finally, Lake Street Capital boosted their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $11.29.

Applied Digital Stock Performance

The stock’s fifty day simple moving average is $9.01 and its 200-day simple moving average is $7.07. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of -5.18 and a beta of 4.78. 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 released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period last year, the business posted ($0.05) earnings per share. Applied Digital’s revenue was up 51.3% compared to the same quarter last year. Analysts predict that Applied Digital Co. will post -0.8 EPS for the current year.

Insider Buying and Selling

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 289,369 shares of company stock worth $2,622,461. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several institutional investors have recently added to or reduced their stakes in the business. R Squared Ltd purchased a new stake in shares of Applied Digital during the 4th quarter worth approximately $36,000. Spire Wealth Management acquired a new stake in Applied Digital during the 4th quarter worth $43,000. KBC Group NV purchased a new stake in Applied Digital in the fourth quarter valued at $55,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Applied Digital in the third quarter valued at $59,000. Finally, Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Applied Digital during the third quarter worth about $83,000. 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.