Applied Digital (NASDAQ:APLD) Shares Up 16.1% – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s share price rose 16.1% on Friday . The company traded as high as $9.24 and last traded at $9.18. Approximately 18,551,450 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 23,135,074 shares. The stock had previously closed at $7.91.

Analysts Set New Price Targets

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

Applied Digital Price Performance

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm’s fifty day moving average price is $8.40 and its 200-day moving average price is $7.30.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm’s revenue was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) EPS. Equities analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 270,000 shares of company stock valued at $2,477,000. 11.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB increased its stake in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new position in shares of Applied Digital during the 4th quarter worth about $36,000. US Bancorp DE acquired a new position in shares of Applied Digital during the 4th quarter worth about $37,000. Jones Financial Companies Lllp acquired a new position in shares of Applied Digital during the 4th quarter worth about $39,000. Finally, Spire Wealth Management acquired a new position in shares of Applied Digital during the 4th quarter worth about $43,000. 65.67% of the stock is owned by institutional investors.

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.