Applied Digital (NASDAQ:APLD) Stock Price Up 3.7% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s stock price traded up 3.7% during trading on Wednesday . The stock traded as high as $8.58 and last traded at $8.19. 11,309,251 shares changed hands during trading, a decline of 58% from the average session volume of 27,022,111 shares. The stock had previously closed at $7.90.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on APLD shares. 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 note on Tuesday, February 4th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday. Cantor Fitzgerald lowered 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 report on Wednesday, January 15th. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective on the stock. Finally, HC Wainwright raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $12.11.

Applied Digital Price Performance

The business has a 50-day moving average of $8.43 and a 200 day moving average of $7.58. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $1.78 billion, a P/E ratio of -4.61 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm’s revenue was up 51.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) EPS. On average, sell-side analysts predict 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, 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 transaction of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 11.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB boosted its position in 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 buying an additional 2,000 shares during the period. R Squared Ltd acquired a new stake in Applied Digital during the 4th quarter worth about $36,000. US Bancorp DE acquired a new stake in Applied Digital during the 4th quarter valued at approximately $37,000. Jones Financial Companies Lllp acquired a new stake in Applied Digital during the fourth quarter worth about $39,000. Finally, Spire Wealth Management acquired a new position in Applied Digital in the 4th quarter worth about $43,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

About Applied Digital

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.