Applied Digital (NASDAQ:APLD) Trading Up 2.4% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s share price was up 2.4% on Monday . The stock traded as high as $7.34 and last traded at $7.17. Approximately 4,802,809 shares traded hands during trading, a decline of 82% from the average daily volume of 27,015,619 shares. The stock had previously closed at $7.00.

Analyst Ratings Changes

A number of equities analysts have commented on APLD shares. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Northland Securities boosted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. HC Wainwright boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. Finally, Cantor Fitzgerald reduced their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market capitalization of $1.62 billion, a P/E ratio of -4.21 and a beta of 4.69. The stock’s 50 day moving average is $8.11 and its two-hundred day moving average is $7.85.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.05) earnings per share. As a group, equities analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the company. Vontobel Holding Ltd. raised its holdings in shares of Applied Digital by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock worth $128,000 after acquiring an additional 1,500 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Applied Digital by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after acquiring an additional 1,692 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after acquiring an additional 2,000 shares during the period. Wellington Management Group LLP raised its holdings in shares of Applied Digital by 8.8% during the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after acquiring an additional 3,040 shares during the period. Finally, Amalgamated Bank raised its holdings in shares of Applied Digital by 113.3% during the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock worth $50,000 after acquiring an additional 3,473 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.