Applied Digital (NASDAQ:APLD) Sets New 52-Week High – What’s Next?

Shares of Applied Digital Co. (NASDAQ:APLD) reached a new 52-week high on Tuesday . The stock traded as high as $9.26 and last traded at $9.18, with a volume of 3899318 shares. The stock had previously closed at $8.71.

Analyst Ratings Changes

Several equities analysts have commented on the stock. HC Wainwright raised their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. B. Riley boosted 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. Lake Street Capital increased their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Craig Hallum boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Thursday, October 17th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $10.50.

Applied Digital Price Performance

The stock has a 50-day moving average of $6.21 and a two-hundred day moving average of $5.03. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -10.90 and a beta of 4.56.

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

Insider Buying and Selling at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares of the company’s stock, valued at $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now owns 218,506 shares in the company, valued at $1,201,783. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 100,000 shares of company stock valued at $724,700 in the last three months. 20.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Institutional investors and hedge funds have recently modified their holdings of the stock. Private Advisor Group LLC boosted its position in Applied Digital by 159.7% during the third quarter. Private Advisor Group LLC now owns 38,700 shares of the company’s stock valued at $319,000 after purchasing an additional 23,800 shares during the last quarter. Jade Capital Advisors LLC purchased a new stake in shares of Applied Digital during the 3rd quarter worth about $236,000. Exchange Traded Concepts LLC lifted its holdings in shares of Applied Digital by 4.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 728,424 shares of the company’s stock valued at $6,009,000 after buying an additional 34,166 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Applied Digital in the 3rd quarter valued at approximately $426,000. Finally, Point72 Asset Management L.P. acquired a new position in Applied Digital in the second quarter worth approximately $1,451,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Digital

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.