Applied Digital (NASDAQ:APLD) Sees Large Volume Increase – What’s Next?

Applied Digital Co. (NASDAQ:APLD) shares saw strong trading volume on Monday . 9,305,650 shares changed hands during mid-day trading, an increase of 25% from the previous session’s volume of 7,432,569 shares.The stock last traded at $8.35 and had previously closed at $7.23.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. 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. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Friday, November 1st. 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. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $10.50.

Applied Digital Stock Performance

The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of -7.14 and a beta of 4.65. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock’s 50-day moving average is $7.29 and its 200-day moving average is $5.59.

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

Insider Activity

In other news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now owns 208,506 shares of the company’s stock, valued at $1,670,133.06. This represents a 4.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 119,369 shares of company stock valued at $870,161 in the last ninety days. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Applied Digital during the third quarter valued at about $59,000. Headlands Technologies LLC grew its position in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares in the last quarter. ARS Investment Partners LLC purchased a new stake in shares of Applied Digital in the second quarter worth $60,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Applied Digital in the 3rd quarter valued at about $83,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Applied Digital in the third quarter worth approximately $88,000. 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.