Applied Digital (NASDAQ:APLD) Sees Unusually-High Trading Volume on Analyst Upgrade

Shares of Applied Digital Co. (NASDAQ:APLD) saw unusually-strong trading volume on Wednesday after HC Wainwright raised their price target on the stock from $5.00 to $10.00. HC Wainwright currently has a buy rating on the stock. Approximately 7,403,553 shares traded hands during trading, an increase of 11% from the previous session’s volume of 6,687,593 shares.The stock last traded at $8.22 and had previously closed at $7.30.

A number of other analysts have also weighed in on the stock. Craig Hallum upped 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 Thursday, October 10th. Roth Mkm reissued a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. B. Riley upped their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Lake Street Capital boosted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $10.50.

Insider Activity at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 20.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. purchased a new position in Applied Digital in the 1st quarter valued at about $50,000. Headlands Technologies LLC raised its stake in 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 during the last quarter. ARS Investment Partners LLC acquired a new stake in Applied Digital during the 2nd quarter worth $60,000. ICA Group Wealth Management LLC purchased a new position in shares of Applied Digital in the fourth quarter worth about $81,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after acquiring an additional 3,182 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Stock Up 12.5 %

The business has a 50-day moving average price of $5.68 and a 200-day moving average price of $4.84. The firm has a market capitalization of $1.13 billion, a PE ratio of -10.41 and a beta of 4.56. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period in the previous year, the business posted ($0.10) EPS. Applied Digital’s revenue was up 67.2% on a year-over-year basis. Equities research analysts forecast that Applied Digital Co. will post -1.12 earnings per share for the current fiscal year.

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.