Applied Digital (NASDAQ:APLD) Trading Up 2.3% – Here’s Why

Applied Digital Co. (NASDAQ:APLD) rose 2.3% during trading on Wednesday . The stock traded as high as $10.13 and last traded at $9.85. Approximately 9,166,740 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 23,787,850 shares. The stock had previously closed at $9.63.

Wall Street Analysts Forecast Growth

APLD has been the topic of several research reports. HC Wainwright upped 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. Northland Securities upped their target price 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 started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Wednesday, January 15th. Finally, Cantor Fitzgerald reduced their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $12.11.

Applied Digital Trading Up 5.4 %

The company’s fifty day simple moving average is $8.39 and its two-hundred day simple moving average is $7.35. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -5.87 and a beta of 4.77. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last issued 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 return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter last year, the business posted ($0.05) EPS. The firm’s revenue was up 51.3% compared to the same quarter last year. 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, CEO Wes Cummins sold 200,000 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 270,000 shares of company stock worth $2,477,000. 11.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently bought and sold shares of APLD. Wilmington Savings Fund Society FSB lifted its position in shares of Applied Digital by 100.0% in the fourth 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 in the last quarter. R Squared Ltd bought a new stake in Applied Digital during the fourth quarter worth about $36,000. US Bancorp DE bought a new stake in shares of Applied Digital during the 4th quarter worth approximately $37,000. Jones Financial Companies Lllp bought a new position in shares of Applied Digital in the fourth quarter valued at $39,000. Finally, Spire Wealth Management acquired a new position in Applied Digital during the fourth quarter worth $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.