Applied Digital (NASDAQ:APLD) Trading 2.4% Higher – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s share price shot up 2.4% during trading on Monday . The company traded as high as $7.34 and last traded at $7.17. 4,802,809 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 27,015,619 shares. The stock had previously closed at $7.00.

Wall Street Analyst Weigh In

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

Applied Digital Trading Down 4.5 %

The stock has a market cap of $1.56 billion, a PE ratio of -4.05 and a beta of 4.69. The stock has a 50-day moving average price of $8.01 and a two-hundred day moving average price of $7.90. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

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

Insider Activity

In related news, Director Richard N. Nottenburg sold 20,000 shares of the 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 transaction, the director now owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in APLD. Wilmington Savings Fund Society FSB lifted its holdings in shares of Applied Digital by 100.0% in 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 shares of Applied Digital in the 4th quarter valued at about $36,000. US Bancorp DE bought a new position in shares of Applied Digital in the 4th quarter valued at about $37,000. Jones Financial Companies Lllp bought a new position in shares of Applied Digital in the 4th quarter valued at about $39,000. Finally, Spire Wealth Management bought a new stake in Applied Digital in the fourth quarter worth about $43,000. Institutional investors 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.