Applied Digital (NASDAQ:APLD) Trading Up 5.1% – Here’s What Happened

Shares of Applied Digital Co. (NASDAQ:APLD) were up 5.1% during mid-day trading on Friday . The company traded as high as $10.20 and last traded at $10.15. Approximately 2,481,360 shares changed hands during trading, a decline of 69% from the average daily volume of 7,914,301 shares. The stock had previously closed at $9.66.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on APLD shares. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Friday, November 1st. Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, B. Riley boosted their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $10.50.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -8.88 and a beta of 4.65. The firm’s 50 day moving average is $7.89 and its 200-day moving average is $5.95.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The firm 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 quarterly revenue was up 67.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.10) EPS. Sell-side analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the transaction, the director now owns 384,317 shares in the company, valued at approximately $2,886,220.67. This represents a 4.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s 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 directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,369 shares of company stock valued at $870,161 over the last three months. 11.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. Vanguard Group Inc. grew its stake in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after buying an additional 2,547,485 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after acquiring an additional 3,182 shares during the last quarter. California State Teachers Retirement System increased its holdings in Applied Digital by 14.1% during the 1st quarter. California State Teachers Retirement System now owns 91,086 shares of the company’s stock valued at $390,000 after purchasing an additional 11,288 shares in the last quarter. Register Financial Advisors LLC raised its position in Applied Digital by 29.2% in the 2nd quarter. Register Financial Advisors LLC now owns 417,800 shares of the company’s stock valued at $2,486,000 after purchasing an additional 94,400 shares during the last quarter. Finally, ARS Investment Partners LLC acquired a new position in Applied Digital in the second quarter worth $60,000. 65.67% of the stock is owned by institutional investors.

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.