Applied Digital (NASDAQ:APLD) Stock Price Up 2.4% – Here’s Why

Applied Digital Co. (NASDAQ:APLD)’s stock price rose 2.4% during mid-day trading on Monday . The company traded as high as $7.34 and last traded at $7.29. Approximately 9,724,936 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 24,355,529 shares. The stock had previously closed at $7.12.

Analysts Set New Price Targets

A number of brokerages recently weighed in on APLD. Northland Securities upped their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday. Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Wednesday, January 15th. Cantor Fitzgerald reduced their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, HC Wainwright raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has a consensus rating of “Buy” and an average price target of $12.11.

Applied Digital Trading Up 5.3 %

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 stock’s fifty day simple moving average is $8.69 and its 200-day simple moving average is $7.13. The firm has a market cap of $1.81 billion, a PE ratio of -4.68 and a beta of 4.78.

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, beating the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the previous year, the business earned ($0.05) EPS. The company’s quarterly revenue was up 51.3% compared to the same quarter last year. On average, sell-side analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the transaction, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. The trade was a 13.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction on 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 owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 289,369 shares of company stock worth $2,622,461 over the last 90 days. 11.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of APLD. US Bancorp DE purchased a new position in Applied Digital during the fourth quarter worth approximately $37,000. Amalgamated Bank raised its stake in shares of Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock worth $50,000 after buying an additional 3,473 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Applied Digital by 50.5% during the 4th quarter. Bank of New York Mellon Corp now owns 480,526 shares of the company’s stock valued at $3,671,000 after buying an additional 161,250 shares in the last quarter. Wealthgarden F.S. LLC acquired a new stake in Applied Digital in the 4th quarter valued at $115,000. Finally, Wolverine Asset Management LLC purchased a new stake in Applied Digital in the 4th quarter worth $3,056,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.