Applied Digital (NASDAQ:APLD) Trading 1.7% Higher – What’s Next?

Applied Digital Co. (NASDAQ:APLD) shares rose 1.7% during mid-day trading on Wednesday . The stock traded as high as $7.18 and last traded at $7.13. Approximately 3,296,112 shares traded hands during trading, a decline of 88% from the average daily volume of 26,598,998 shares. The stock had previously closed at $7.01.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on APLD. HC Wainwright lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Cantor Fitzgerald lowered their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Compass Point initiated coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Monday, February 24th. Finally, Northland Securities increased their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $12.11.

Applied Digital Stock Performance

The stock has a 50-day moving average of $7.96 and a 200 day moving average of $7.89. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market capitalization of $1.58 billion, a P/E ratio of -4.11 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) EPS. On average, research analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.81% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hood River Capital Management LLC boosted its stake in shares of Applied Digital by 10.7% in the 4th quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company’s stock valued at $115,726,000 after purchasing an additional 1,464,854 shares during the last quarter. Vanguard Group Inc. grew its holdings in Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after acquiring an additional 3,587,619 shares during the period. Geode Capital Management LLC raised its position in shares of Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after acquiring an additional 1,665,335 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after purchasing an additional 2,344,572 shares during the period. Finally, Pertento Partners LLP boosted its position in shares of Applied Digital by 49.0% in the 4th quarter. Pertento Partners LLP now owns 2,528,717 shares of the company’s stock worth $19,319,000 after purchasing an additional 831,705 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.