Applied Digital (NASDAQ:APLD) Shares Up 2.5% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) shot up 2.5% during mid-day trading on Friday . The company traded as high as $26.87 and last traded at $26.42. 10,004,397 shares were traded during trading, a decline of 57% from the average daily volume of 23,024,734 shares. The stock had previously closed at $25.78.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on APLD shares. B. Riley Financial reaffirmed a “buy” rating and set a $75.00 target price (up from $66.00) on shares of Applied Digital in a research report on Monday, August 3rd. Wall Street Zen lowered shares of Applied Digital from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 30th. Compass Point restated a “buy” rating and set a $70.00 price target on shares of Applied Digital in a report on Friday, May 22nd. Needham & Company LLC reiterated a “buy” rating and set a $83.00 price objective on shares of Applied Digital in a report on Tuesday, July 28th. Finally, Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Stock Performance

The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88. The stock has a market cap of $7.70 billion, a P/E ratio of -29.69 and a beta of 5.72. The firm’s 50-day moving average is $28.43 and its two-hundred day moving average is $32.82.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The business had revenue of $240.35 million during the quarter, compared to the consensus estimate of $96.85 million. During the same period in the prior year, the firm earned ($0.24) earnings per share. The business’s revenue was up 406.3% on a year-over-year basis. As a group, research analysts expect that Applied Digital Corporation will post -1.09 EPS for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard Nottenburg sold 75,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the transaction, the director directly owned 133,378 shares of the company’s stock, valued at $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Whitaker Myers Wealth Managers LTD. bought a new stake in Applied Digital during the 2nd quarter valued at approximately $1,841,000. Cambridge Investment Research Advisors Inc. increased its position in Applied Digital by 39.6% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 146,633 shares of the company’s stock worth $5,469,000 after buying an additional 41,562 shares during the period. Dimensional Fund Advisors LP acquired a new position in shares of Applied Digital during the first quarter worth approximately $1,970,000. Thoroughbred Financial Services LLC acquired a new position in shares of Applied Digital during the fourth quarter worth approximately $682,000. Finally, TFR Capital LLC. boosted its position in shares of Applied Digital by 425.3% in the first quarter. TFR Capital LLC. now owns 372,960 shares of the company’s stock valued at $9,497,000 after acquiring an additional 301,954 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital Corporation (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.

The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.