Applied Digital (NASDAQ:APLD) Shares Up 3.5% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s stock price rose 3.5% during trading on Monday . The company traded as high as $24.97 and last traded at $24.90. Approximately 11,128,106 shares were traded during trading, a decline of 68% from the average daily volume of 34,739,969 shares. The stock had previously closed at $24.05.

Wall Street Analysts Forecast Growth

APLD has been the subject of a number of analyst reports. Northland Securities raised their price target on shares of Applied Digital to $40.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. HC Wainwright upped their price objective on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 10th. B. Riley restated a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. Lake Street Capital boosted their price target on Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Stock Up 3.1%

The company has a market cap of $6.93 billion, a P/E ratio of -21.95 and a beta of 6.95. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. The firm has a fifty day moving average price of $28.37 and a 200 day moving average price of $20.66.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.08. The business had revenue of $64.22 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company earned ($0.15) EPS. Equities research analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In related news, Director Chuck Hastings sold 25,000 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $34.27, for a total value of $856,750.00. Following the transaction, the director owned 426,612 shares in the company, valued at $14,619,993.24. This trade represents a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 9,375 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $35.91, for a total transaction of $336,656.25. Following the transaction, the director owned 249,237 shares in the company, valued at approximately $8,950,100.67. The trade was a 3.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 328,035 shares of company stock valued at $11,376,479 over the last quarter. 9.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Scientech Research LLC acquired a new position in Applied Digital in the first quarter valued at approximately $806,000. Voya Investment Management LLC raised its holdings in shares of Applied Digital by 403.4% during the third quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock valued at $33,605,000 after acquiring an additional 1,173,929 shares during the last quarter. Chelsea Counsel Co. acquired a new stake in Applied Digital during the 2nd quarter worth $582,000. Lake Hills Wealth Management LLC purchased a new stake in Applied Digital during the 2nd quarter valued at about $184,000. Finally, KLP Kapitalforvaltning AS lifted its position in Applied Digital by 27.7% during the second quarter. KLP Kapitalforvaltning AS now owns 41,500 shares of the company’s stock worth $418,000 after buying an additional 9,000 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.