Applied Digital (NASDAQ:APLD) Trading 1.3% Higher – Here’s Why

Applied Digital Co. (NASDAQ:APLD) shot up 1.3% during trading on Wednesday . The stock traded as high as $7.11 and last traded at $7.01. 6,582,229 shares were traded during trading, a decline of 77% from the average session volume of 28,320,756 shares. The stock had previously closed at $6.92.

Analysts Set New Price Targets

APLD has been the topic of a number of analyst reports. HC Wainwright lifted 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. Northland Securities lifted their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Monday, February 24th. Cantor Fitzgerald decreased their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price on the stock. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital presently has an average rating of “Buy” and a consensus target price of $12.11.

Applied Digital Stock Performance

The firm has a 50-day simple moving average of $8.35 and a two-hundred day simple moving average of $7.71. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -4.38 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm’s revenue was up 51.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) earnings per share. As a group, sell-side analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Applied Digital by 39.1% in the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after buying an additional 3,587,619 shares during the last quarter. Van ECK Associates Corp raised its holdings in Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after acquiring an additional 2,344,572 shares during the period. Tidal Investments LLC lifted its position in Applied Digital by 14,635.7% during the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company’s stock worth $12,972,000 after acquiring an additional 1,686,328 shares during the last quarter. American Century Companies Inc. bought a new stake in Applied Digital during the fourth quarter valued at about $12,843,000. Finally, Geode Capital Management LLC grew its position in shares of Applied Digital by 54.4% in the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after purchasing an additional 1,665,335 shares during the last quarter. 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.