Applied Digital (NASDAQ:APLD) Trading Up 8.9% – Here’s Why

Applied Digital Co. (NASDAQ:APLD) shares traded up 8.9% on Friday . The company traded as high as $6.85 and last traded at $6.84. 6,452,677 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 27,203,877 shares. The stock had previously closed at $6.28.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. HC Wainwright boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Cantor Fitzgerald reduced their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Northland Securities boosted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Compass Point assumed coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $12.11.

Applied Digital Stock Up 10.4 %

The business’s fifty day moving average price is $8.15 and its 200 day moving average price is $7.79. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $1.54 billion, a PE ratio of -4.01 and a beta of 4.69.

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

Insider Activity at Applied Digital

In other Applied Digital news, 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 sale, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Applied Digital during the 3rd quarter worth $88,000. Victory Capital Management Inc. raised its stake in shares of Applied Digital by 72.5% during the 3rd quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock worth $161,000 after buying an additional 8,212 shares during the last quarter. Royce & Associates LP raised its stake in shares of Applied Digital by 1.4% during the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after buying an additional 15,763 shares during the last quarter. Chesapeake Capital Corp IL acquired a new position in shares of Applied Digital during the 3rd quarter worth $94,000. Finally, Intech Investment Management LLC acquired a new position in shares of Applied Digital during the 3rd quarter worth $115,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.