Applied Digital (NASDAQ:APLD) Stock Price Up 8.8% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s stock price rose 8.8% during trading on Monday . The company traded as high as $10.20 and last traded at $9.91. Approximately 10,384,714 shares traded hands during trading, a decline of 20% from the average daily volume of 12,983,253 shares. The stock had previously closed at $9.11.

Analysts Set New Price Targets

APLD has been the topic of a number of recent analyst reports. HC Wainwright increased their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Cantor Fitzgerald started coverage on shares of Applied Digital in a research report on Friday, December 20th. They issued an “overweight” rating and a $15.00 price target on the stock. Craig Hallum increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Lake Street Capital increased their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $11.14.

Applied Digital Stock Up 6.6 %

The firm has a market capitalization of $2.05 billion, a PE ratio of -8.30 and a beta of 4.78. The business’s 50 day simple moving average is $8.50 and its 200 day simple moving average is $6.80. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business’s revenue was up 67.2% on a year-over-year basis. During the same period last year, the company posted ($0.10) EPS. On average, equities research analysts forecast that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insider Transactions at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares in the company, valued at $1,670,133.06. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the sale, the director now owns 334,317 shares of the company’s stock, valued at $3,075,716.40. The trade was a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 359,369 shares of company stock worth $3,115,161. 11.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Wellington Management Group LLP raised its holdings in shares of Applied Digital by 8.8% in the 3rd 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 in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Applied Digital by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after purchasing an additional 5,423 shares in the last quarter. FMR LLC raised its holdings in shares of Applied Digital by 99.1% in the 3rd quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after purchasing an additional 6,507 shares in the last quarter. ICA Group Wealth Management LLC raised its holdings in shares of Applied Digital by 56.8% in the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after purchasing an additional 6,795 shares in the last quarter. Finally, Headlands Technologies LLC raised its holdings in shares of Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

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.