Applied Digital (NASDAQ:APLD) Stock Price Up 7.4% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s share price traded up 7.4% on Monday . The company traded as high as $7.69 and last traded at $7.59. 6,604,657 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 26,206,820 shares. The stock had previously closed at $7.07.

Analysts Set New Price Targets

APLD has been the subject of several recent analyst reports. Northland Securities boosted their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Compass Point initiated coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price target for the company. Cantor Fitzgerald cut 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. HC Wainwright increased their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Monday, February 24th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Performance

The stock’s fifty day simple moving average is $7.93 and its 200-day simple moving average is $7.98. 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 company has a market capitalization of $1.77 billion, a price-to-earnings ratio of -4.58 and a beta of 4.69.

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

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of APLD. Vontobel Holding Ltd. grew its position in Applied Digital by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock valued at $128,000 after acquiring an additional 1,500 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of Applied Digital by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after purchasing an additional 1,692 shares during the period. Wilmington Savings Fund Society FSB lifted its position in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after purchasing an additional 3,040 shares during the period. Finally, Amalgamated Bank grew its holdings in Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock valued at $50,000 after purchasing an additional 3,473 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.