Applied Digital (NASDAQ:APLD) Reaches New 1-Year High – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $11.07 and last traded at $10.96, with a volume of 9808676 shares traded. The stock had previously closed at $10.04.

Analyst Ratings Changes

APLD has been the subject of a number of research analyst reports. B. Riley upped their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. HC Wainwright lifted their price target on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. 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 research note on Thursday, October 10th. Finally, Lake Street Capital lifted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. 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 an average price target of $10.50.

Applied Digital Stock Up 9.5 %

The business’s 50 day moving average price is $8.15 and its 200-day moving average price is $6.16. The company has a market cap of $2.32 billion, a P/E ratio of -9.37 and a beta of 4.67. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter in the prior year, the business earned ($0.10) earnings per share. The business’s revenue for the quarter was up 67.2% on a year-over-year basis. On average, analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was 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 of the company’s stock, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 359,369 shares of company stock worth $3,115,161 in the last quarter. Insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

A number of institutional investors have recently bought and sold shares of APLD. B. Riley Wealth Advisors Inc. lifted its stake in shares of Applied Digital by 66.1% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after purchasing an additional 308,223 shares during the period. Alight Capital Management LP acquired a new position in Applied Digital in the second quarter valued at about $3,570,000. Marshall Wace LLP bought a new position in Applied Digital during the second quarter worth about $720,000. Vanguard Group Inc. grew its position in shares of Applied Digital by 70.2% during the 1st 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 period. Finally, Point72 Asset Management L.P. acquired a new position in shares of Applied Digital during the 2nd quarter worth about $1,451,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.