Applied Digital (NASDAQ:APLD) Trading Up 1.2% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s share price was up 1.2% on Tuesday . The stock traded as high as $29.10 and last traded at $28.54. Approximately 13,016,366 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 22,841,283 shares. The stock had previously closed at $28.19.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on APLD. Craig Hallum increased their price objective on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. B. Riley Financial reiterated a “buy” rating and issued a $75.00 price objective (up from $66.00) on shares of Applied Digital in a report on Monday, August 3rd. Citigroup reiterated a “market outperform” rating on shares of Applied Digital in a research report on Monday, August 3rd. Rothschild & Co Redburn set a $22.00 target price on Applied Digital and gave the company a “neutral” rating in a report on Monday. Finally, Morgan Stanley boosted their price objective on shares of Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.88.

Applied Digital Trading Up 1.2%

The stock’s 50 day moving average is $27.60 and its 200-day moving average is $32.68. The company has a market cap of $8.03 billion, a P/E ratio of -30.87 and a beta of 5.72. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The firm had revenue of $240.35 million during the quarter, compared to analysts’ expectations of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.Applied Digital’s revenue was up 406.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. Research analysts anticipate that Applied Digital Corporation will post -1.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard Nottenburg sold 75,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the transaction, the director owned 133,378 shares in the company, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Situational Awareness LP grew its holdings in Applied Digital by 18.9% during the first quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock valued at $319,978,000 after purchasing an additional 2,139,378 shares during the period. Equitec Proprietary Markets LLC bought a new stake in Applied Digital in the 2nd quarter valued at $312,349,000. Geode Capital Management LLC boosted its holdings in shares of Applied Digital by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after purchasing an additional 304,228 shares during the last quarter. Hsbc Holdings PLC purchased a new position in shares of Applied Digital during the fourth quarter valued at about $29,510,000. Finally, Sei Investments Co. increased its position in Applied Digital by 33.0% in the first quarter. Sei Investments Co. now owns 1,093,701 shares of the company’s stock worth $25,964,000 after purchasing an additional 271,618 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

About Applied Digital

Applied Digital Corporation (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.

The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.