Applied Digital (NASDAQ:APLD) Trading Up 1.8% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) traded up 1.8% on Friday . The stock traded as high as $26.48 and last traded at $26.37. 13,364,630 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 23,256,396 shares. The stock had previously closed at $25.91.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on APLD. Craig Hallum increased their target price on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Wall Street Zen downgraded Applied Digital from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 30th. Zacks Research cut shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 26th. Northland Securities set a $82.00 price objective on shares of Applied Digital and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Finally, Citigroup reiterated a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Applied Digital currently has an average rating of “Moderate Buy” and a consensus price target of $68.15.

Applied Digital Stock Up 1.8%

The firm has a 50 day simple moving average of $29.41 and a two-hundred day simple moving average of $33.01. The stock has a market capitalization of $7.69 billion, a P/E ratio of -29.63 and a beta of 5.72. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88.

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

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard Nottenburg sold 75,000 shares of Applied Digital stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the transaction, the director owned 133,378 shares in the company, valued at $4,154,724.70. The trade was a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 9.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC grew its holdings in shares of Applied Digital by 84.8% during the 1st quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after purchasing an additional 8,692 shares during the last quarter. NewEdge Advisors LLC boosted its position in Applied Digital by 239.1% in the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after buying an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after buying an additional 3,542 shares in the last quarter. Strs Ohio bought a new stake in shares of Applied Digital during the first quarter worth $71,000. Finally, Cetera Investment Advisers grew its stake in shares of Applied Digital by 61.0% during the second quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock worth $621,000 after buying an additional 23,360 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

About Applied Digital

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.