Applied Digital (NASDAQ:APLD) Trading 8.8% Higher – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s share price traded up 8.8% on Monday . The company traded as high as $46.99 and last traded at $46.47. 18,635,489 shares changed hands during trading, a decline of 27% from the average session volume of 25,632,689 shares. The stock had previously closed at $42.70.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. 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. Craig Hallum raised their price target on shares of Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Needham & Company LLC raised their price target on shares of Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Lucid Cap Mkts upgraded shares of Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Finally, Roth Mkm restated a “buy” rating and set a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Stock Down 1.5%

The stock has a market cap of $13.02 billion, a P/E ratio of -61.58 and a beta of 5.69. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The firm’s fifty day moving average is $39.22 and its 200 day moving average is $33.24.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The firm had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business’s revenue was up 139.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.08) EPS. As a group, equities research analysts forecast that Applied Digital Corporation will post -0.68 EPS for the current year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 transaction of $349,800.00. Following the transaction, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 35,000 shares of company stock worth $1,182,175. Insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in APLD. Noble Wealth Management PBC bought a new position in shares of Applied Digital during the 4th quarter worth about $25,000. Albion Financial Group UT bought a new position in shares of Applied Digital during the 4th quarter worth about $25,000. Activest Wealth Management acquired a new stake in shares of Applied Digital during the 4th quarter valued at about $25,000. Ameriflex Group Inc. acquired a new stake in shares of Applied Digital during the 4th quarter valued at about $25,000. Finally, McMillan Office Inc. acquired a new stake in shares of Applied Digital during the 4th quarter valued at about $25,000. Institutional investors own 65.67% of the company’s stock.

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.