Applied Digital (NASDAQ:APLD) Shares Up 4.8% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shot up 4.8% on Thursday . The stock traded as high as $35.35 and last traded at $34.25. 21,406,304 shares changed hands during trading, a decline of 20% from the average session volume of 26,864,000 shares. The stock had previously closed at $32.69.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on APLD. Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Zacks Research cut Applied Digital from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 8th. Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. B. Riley Financial raised their price target on Applied Digital to $53.00 and gave the company a “buy” rating in a report on Friday, January 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Moderate Buy” and an average target price of $44.33.

Applied Digital Trading Up 4.8%

The firm has a market capitalization of $9.79 billion, a PE ratio of -46.28 and a beta of 7.25. The stock’s 50-day moving average price is $28.28 and its 200 day moving average price is $30.08. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The company had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business’s revenue was up 139.3% compared to the same quarter last year. During the same period last year, the business posted ($0.08) earnings per share. On average, sell-side analysts expect that Applied Digital Corporation will post -0.52 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. This represents a 5.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,000 shares of company stock valued at $1,182,175 over the last quarter. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in APLD. Vanguard Group Inc. lifted its holdings in shares of Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after buying an additional 6,445,908 shares during the period. Value Aligned Research Advisors LLC purchased a new stake in shares of Applied Digital in the 4th quarter worth $138,380,000. Situational Awareness LP lifted its holdings in shares of Applied Digital by 87.0% in the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after buying an additional 5,274,905 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after buying an additional 5,198,223 shares during the period. Finally, Marex Group plc lifted its holdings in shares of Applied Digital by 38,484.6% in the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after buying an additional 3,894,639 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.