Applied Digital (NASDAQ:APLD) Hits New 12-Month High After Analyst Upgrade

Shares of Applied Digital Corporation (NASDAQ:APLD) reached a new 52-week high on Thursday after Lucid Cap Mkts upgraded the stock to a strong-buy rating. The company traded as high as $49.35 and last traded at $48.98, with a volume of 25650098 shares trading hands. The stock had previously closed at $45.14.

Several other research firms also recently weighed in on APLD. Roth Mkm restated a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a research note on Thursday, April 23rd. Compass Point restated a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a research note on Friday, May 22nd. Wall Street Zen downgraded Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Northland Securities set a $56.00 price target on Applied Digital in a research note on Wednesday, January 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $59.11.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred 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 sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction that occurred 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. The trade was a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 35,000 shares of company stock worth $1,182,175. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of large investors have recently added to or reduced their stakes in the company. Vestor Capital LLC bought a new stake in Applied Digital in the 1st quarter worth approximately $98,000. Western Wealth Management LLC bought a new stake in Applied Digital in the 1st quarter worth approximately $87,000. Janus Henderson Group PLC increased its position in shares of Applied Digital by 318.5% during the 1st quarter. Janus Henderson Group PLC now owns 785,152 shares of the company’s stock valued at $18,638,000 after purchasing an additional 597,548 shares during the last quarter. Amundi increased its position in shares of Applied Digital by 61.8% during the 1st quarter. Amundi now owns 31,327 shares of the company’s stock valued at $744,000 after purchasing an additional 11,968 shares during the last quarter. Finally, Situational Awareness LP increased its position in shares of Applied Digital by 18.9% during the 1st 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 last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Down 4.8%

The stock has a market cap of $13.51 billion, a P/E ratio of -63.89 and a beta of 5.69. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The company has a 50-day moving average price of $34.40 and a two-hundred day moving average price of $31.42.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The company had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The business’s revenue for the quarter was up 139.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.08) EPS. On average, research analysts expect that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

Applied Digital Company Profile

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.