Applied Digital (NASDAQ:APLD) Shares Up 7.8% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) shares traded up 7.8% on Thursday . The company traded as high as $7.43 and last traded at $7.21. 9,880,864 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 24,473,090 shares. The stock had previously closed at $6.69.

Analysts Set New Price Targets

A number of equities analysts have commented on APLD shares. Craig Hallum boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. HC Wainwright increased their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Lake Street Capital boosted their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Roth Mkm reissued a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital has an average rating of “Buy” and a consensus target price of $11.13.

Applied Digital Trading Down 3.5 %

The stock’s fifty day moving average price is $8.86 and its 200 day moving average price is $7.09. The stock has a market cap of $1.59 billion, a P/E ratio of -4.12 and a beta of 4.78. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate 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 business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. Applied Digital’s quarterly revenue was up 51.3% on a year-over-year basis. Equities research analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 19,369 shares of the business’s 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 completion of the transaction, the director now directly owns 384,317 shares in the company, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 289,369 shares of company stock valued at $2,622,461 in the last 90 days. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Large investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB boosted its holdings 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 valued at $31,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd bought a new position in Applied Digital during the fourth quarter valued at approximately $36,000. Spire Wealth Management purchased a new stake in Applied Digital in the fourth quarter worth approximately $43,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Applied Digital in the 3rd quarter worth approximately $59,000. Finally, KBC Group NV purchased a new stake in Applied Digital during the 4th quarter valued at $55,000. 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.