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

Applied Digital Corporation (NASDAQ:APLD)’s share price rose 8.8% on Monday . The stock traded as high as $46.99 and last traded at $46.47. Approximately 18,635,489 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 25,632,689 shares. The stock had previously closed at $42.70.

Analyst Ratings Changes

APLD has been the subject of several analyst reports. Citigroup reiterated a “market outperform” rating on shares of Applied Digital in a research note on Tuesday, June 9th. Citizens Jmp boosted their target price on shares of Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Thursday, May 21st. Zacks Research cut shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Craig Hallum boosted their target price on shares of Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Finally, Compass Point restated a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a research report on Friday, May 22nd. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.67.

Applied Digital Stock Up 8.8%

The company has a market capitalization of $13.28 billion, a price-to-earnings ratio of -62.80 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 firm’s 50-day moving average price is $37.94 and its 200 day moving average price is $32.78.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) 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 company’s revenue for the quarter was up 139.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. On average, sell-side analysts forecast that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the sale, the director owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following 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. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 35,000 shares of company stock worth $1,182,175. Insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Applied Digital during the third quarter worth $994,000. MRA Advisory Group acquired a new position in Applied Digital in the 3rd quarter valued at approximately $978,000. Vanguard Group Inc. increased its position in Applied Digital by 23.2% in the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock valued at $406,547,000 after acquiring an additional 3,339,062 shares during the period. Cannon Capital Management Inc. acquired a new position in Applied Digital in the 4th quarter valued at approximately $3,635,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Applied Digital in the 4th quarter valued at approximately $2,674,000. Institutional investors own 65.67% of the company’s stock.

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.