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

Applied Digital Co. (NASDAQ:APLD)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $8.10, but opened at $8.59. Applied Digital shares last traded at $8.15, with a volume of 5,908,512 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Compass Point assumed coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. Northland Securities upped their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Monday, February 24th. HC Wainwright upped their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Finally, Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $12.11.

Applied Digital Trading Up 2.0 %

The firm has a fifty day simple moving average of $8.41 and a two-hundred day simple moving average of $7.62. The firm has a market capitalization of $1.78 billion, a P/E ratio of -4.62 and a beta of 4.77. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. The business’s quarterly revenue was up 51.3% on a year-over-year basis. On average, equities research analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Large investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB raised its position in Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd bought a new position in shares of Applied Digital during the fourth quarter valued at about $36,000. US Bancorp DE bought a new position in shares of Applied Digital during the fourth quarter valued at about $37,000. Jones Financial Companies Lllp bought a new position in shares of Applied Digital during the fourth quarter valued at about $39,000. Finally, Spire Wealth Management bought a new position in shares of Applied Digital during the fourth quarter valued at about $43,000. 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.