Applied Digital (NASDAQ:APLD) Trading Up 3% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD) rose 3% on Tuesday . The company traded as high as $5.80 and last traded at $5.79. Approximately 4,918,222 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 25,997,205 shares. The stock had previously closed at $5.62.

Analyst Upgrades and Downgrades

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

Applied Digital Price Performance

The firm’s 50 day moving average is $7.69 and its 200 day moving average is $8.01. The firm has a market cap of $1.28 billion, a P/E ratio of -3.33 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

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

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. California State Teachers Retirement System raised its position in Applied Digital by 65.6% in the 4th quarter. California State Teachers Retirement System now owns 162,561 shares of the company’s stock worth $1,242,000 after buying an additional 64,425 shares during the last quarter. Polar Asset Management Partners Inc. bought a new stake in shares of Applied Digital in the fourth quarter worth approximately $510,000. Mackenzie Financial Corp purchased a new position in shares of Applied Digital during the fourth quarter valued at approximately $92,000. GTS Securities LLC bought a new position in Applied Digital during the fourth quarter valued at approximately $196,000. Finally, Two Seas Capital LP purchased a new stake in Applied Digital in the fourth quarter worth approximately $5,062,000. Hedge funds and other institutional investors 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.