Applied Digital (NASDAQ:APLD) Sets New 1-Year High – Here’s Why

Applied Digital Corporation (NASDAQ:APLD)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $49.35 and last traded at $48.98, with a volume of 25650098 shares changing hands. The stock had previously closed at $45.14.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Citizens Jmp boosted their price objective on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Thursday, May 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Northland Securities set a $56.00 price objective on Applied Digital in a research report on Wednesday, January 28th. Compass Point restated a “buy” rating and issued a $70.00 price objective on shares of Applied Digital in a research report on Friday, May 22nd. Finally, Roth Mkm restated a “buy” rating and issued a $65.00 price objective on shares of Applied Digital in a research report on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.11.

Applied Digital Stock Up 8.5%

The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The company has a market capitalization of $14.00 billion, a PE ratio of -66.19 and a beta of 5.69. The business has a 50-day moving average of $33.54 and a 200 day moving average of $31.18.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The firm had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.Applied Digital’s quarterly revenue was up 139.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. Equities research analysts predict that Applied Digital Corporation will post -0.61 earnings per share for the current year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director owned 184,859 shares in the company, valued at $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,000 shares of company stock worth $1,182,175 over the last quarter. 9.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently added to or reduced their stakes in APLD. Vanguard Group Inc. increased its stake in Applied Digital by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after acquiring an additional 6,445,908 shares during the last quarter. Value Aligned Research Advisors LLC bought a new stake in Applied Digital during the fourth quarter worth approximately $138,380,000. Situational Awareness LP increased its stake in Applied Digital by 87.0% during the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after acquiring an additional 5,274,905 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Applied Digital by 24,356.8% during the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after acquiring an additional 5,198,223 shares during the last quarter. Finally, Marex Group plc increased its stake in Applied Digital by 38,484.6% during the fourth quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after acquiring an additional 3,894,639 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

Applied Digital Company Profile

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.