Applied Digital (NASDAQ:APLD) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Applied Digital Co. (NASDAQ:APLD) saw unusually-high trading volume on Monday . Approximately 9,305,650 shares traded hands during trading, an increase of 25% from the previous session’s volume of 7,432,569 shares.The stock last traded at $8.35 and had previously closed at $7.23.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on APLD. Roth Mkm restated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. B. Riley upped their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. HC Wainwright lifted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Craig Hallum increased their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Friday, November 1st. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $10.50.

Applied Digital Price Performance

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 has a fifty day moving average of $7.37 and a 200 day moving average of $5.67. The firm has a market cap of $1.89 billion, a P/E ratio of -7.92 and a beta of 4.65.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company’s quarterly revenue was up 67.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.10) EPS. On average, sell-side analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insider Activity at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This trade represents a 4.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the transaction, the director now owns 384,317 shares in the company, valued at $2,886,220.67. This trade represents a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 119,369 shares of company stock worth $870,161. Insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised its stake in Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after purchasing an additional 3,040 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after purchasing an additional 3,182 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Applied Digital by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after purchasing an additional 5,423 shares during the last quarter. FMR LLC increased its holdings in shares of Applied Digital by 99.1% during the third quarter. FMR LLC now owns 13,071 shares of the company’s stock worth $108,000 after buying an additional 6,507 shares in the last quarter. Finally, ICA Group Wealth Management LLC increased its holdings in Applied Digital by 56.8% in the 2nd 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. 65.67% of the stock is currently owned by 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.