Applied Digital (NASDAQ:APLD) Shares Up 7.4% – Here’s Why

Applied Digital Co. (NASDAQ:APLD) was up 7.4% during trading on Friday . The company traded as high as $7.45 and last traded at $7.37. Approximately 2,352,627 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 7,333,510 shares. The stock had previously closed at $6.86.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on APLD shares. HC Wainwright boosted their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Lake Street Capital raised their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm restated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. B. Riley lifted their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Craig Hallum increased their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $10.50.

Applied Digital Stock Up 7.0 %

The firm has a market capitalization of $1.58 billion, a PE ratio of -6.30 and a beta of 4.65. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The business’s fifty day moving average price is $7.21 and its 200 day moving average price is $5.51.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.10) EPS. On average, equities research analysts forecast that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the sale, the director now directly owns 384,317 shares in the company, valued at $2,886,220.67. This represents a 4.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now owns 218,506 shares of the company’s stock, valued at $1,201,783. This represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 119,369 shares of company stock valued at $870,161. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after buying an additional 3,182 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Applied Digital by 14.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock worth $355,000 after purchasing an additional 5,423 shares during the period. FMR LLC raised its stake in shares of Applied Digital by 99.1% in the 3rd quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after acquiring an additional 6,507 shares during the period. ICA Group Wealth Management LLC lifted its stake in shares of Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after purchasing an additional 6,795 shares in the last quarter. Finally, Headlands Technologies LLC boosted its holdings in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

About Applied Digital

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.