Applied Digital (NASDAQ:APLD) Shares Up 8.8% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s share price shot up 8.8% during trading on Monday . The company traded as high as $10.20 and last traded at $9.91. 10,384,714 shares were traded during mid-day trading, a decline of 20% from the average session volume of 12,983,253 shares. The stock had previously closed at $9.11.

Analyst Upgrades and Downgrades

APLD has been the topic of a number of research reports. Cantor Fitzgerald assumed coverage on shares of Applied Digital in a report on Friday, December 20th. They set an “overweight” rating and a $15.00 target price on the stock. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. B. Riley lifted their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Craig Hallum increased their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Lake Street Capital boosted their price objective on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average price target of $11.14.

Applied Digital Stock Performance

The company has a 50 day moving average price of $8.56 and a 200-day moving average price of $6.86. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The company has a market cap of $1.84 billion, a P/E ratio of -7.44 and a beta of 4.78.

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 for 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%. Applied Digital’s quarterly revenue was up 67.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.10) EPS. Equities analysts expect that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the transaction, the director now owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 50,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the sale, the director now directly owns 334,317 shares of the company’s stock, valued at approximately $3,075,716.40. This represents a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 359,369 shares of company stock worth $3,115,161 over the last ninety days. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after buying an additional 240,554 shares during the period. Quadrature Capital Ltd purchased a new position in Applied Digital during the 3rd quarter worth approximately $545,000. Barclays PLC raised its stake in Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares during the period. Virtu Financial LLC acquired a new stake in shares of Applied Digital in the third quarter worth $2,030,000. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after buying an additional 308,223 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other 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.