Applied Digital (NASDAQ:APLD) Stock Price Up 7.4% – Here’s What Happened

Shares of Applied Digital Co. (NASDAQ:APLD) were up 7.4% during mid-day trading on Monday . The company traded as high as $7.69 and last traded at $7.59. Approximately 6,604,657 shares traded hands during trading, a decline of 75% from the average daily volume of 26,206,820 shares. The stock had previously closed at $7.07.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. HC Wainwright boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. 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 research note on Wednesday, January 15th. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. Finally, Northland Securities increased their price target on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $12.11.

Applied Digital Trading Up 12.0 %

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 cap of $1.77 billion, a P/E ratio of -4.58 and a beta of 4.69. The firm’s fifty day moving average is $7.93 and its two-hundred day moving average is $7.98.

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

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of APLD. Charles Schwab Investment Management Inc. lifted its stake in Applied Digital by 36.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after purchasing an additional 240,554 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Applied Digital during the third quarter valued at approximately $545,000. Rhumbline Advisers raised its holdings in Applied Digital by 68.7% during the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock valued at $1,978,000 after buying an additional 105,428 shares during the period. Exchange Traded Concepts LLC lifted its position in Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after buying an additional 273,666 shares during the last quarter. Finally, Barclays PLC boosted its stake in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares during the period. 65.67% of the stock is currently owned by hedge funds and other 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.