Applied Digital (NASDAQ:APLD) Stock Price Up 8.6% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shot up 8.6% on Thursday . The company traded as high as $24.83 and last traded at $23.90. 30,983,824 shares changed hands during trading, a decline of 12% from the average session volume of 35,131,723 shares. The stock had previously closed at $22.00.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Lake Street Capital lifted their target price on shares of Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a report on Friday, October 10th. B. Riley reaffirmed a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a report on Wednesday, October 8th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a research note on Thursday, October 9th. Finally, Compass Point assumed coverage on Applied Digital in a report on Monday, September 15th. They set a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Applied Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.20.

Applied Digital Stock Up 8.6%

The company’s 50 day simple moving average is $29.57 and its 200-day simple moving average is $19.93. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29. The firm has a market cap of $6.67 billion, a P/E ratio of -21.15 and a beta of 6.94.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.08. The firm had revenue of $64.22 million during the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The firm’s quarterly revenue was up 84.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.15) earnings per share. Research analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 9,375 shares of the company’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $35.91, for a total transaction of $336,656.25. Following the completion of the sale, the director owned 249,237 shares in the company, valued at approximately $8,950,100.67. This represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rachel H. Lee sold 24,213 shares of the stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $33.20, for a total value of $803,871.60. Following the completion of the transaction, the director directly owned 59,400 shares in the company, valued at approximately $1,972,080. This represents a 28.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 328,035 shares of company stock worth $11,376,479. 9.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. MRP Capital Investments LLC bought a new position in shares of Applied Digital in the 3rd quarter worth approximately $46,000. Allworth Financial LP increased its stake in shares of Applied Digital by 70.0% in the 3rd quarter. Allworth Financial LP now owns 1,746 shares of the company’s stock worth $40,000 after purchasing an additional 719 shares in the last quarter. IFP Advisors Inc bought a new stake in Applied Digital during the 3rd quarter worth approximately $144,000. Swiss Life Asset Management Ltd purchased a new position in Applied Digital during the third quarter valued at approximately $232,000. Finally, CIBC Bancorp USA Inc. bought a new position in shares of Applied Digital in the third quarter worth approximately $524,000. Hedge funds and other 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.