Applied Digital (NASDAQ:APLD) Trading 5.4% Higher – Here’s What Happened

Shares of Applied Digital Co. (NASDAQ:APLD) traded up 5.4% on Wednesday . The stock traded as high as $7.06 and last traded at $6.87. 7,423,037 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 24,512,326 shares. The stock had previously closed at $6.52.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Compass Point began coverage on Applied Digital in a research note on Tuesday. They issued a “buy” rating and a $10.00 price target for the company. Cantor Fitzgerald decreased their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Wednesday, January 15th. 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 report on Thursday, October 10th. Finally, Roth Mkm restated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Buy” and an average target price of $11.13.

Applied Digital Stock Up 3.2 %

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $1.50 billion, a PE ratio of -3.89 and a beta of 4.78. The stock has a 50-day simple moving average of $8.93 and a 200-day simple moving average of $7.09.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period last year, the business earned ($0.05) earnings per share. Applied Digital’s revenue was up 51.3% compared to the same quarter last year. Analysts forecast that Applied Digital Co. will post -0.8 EPS for the current year.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 20,000 shares of the company’s 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 completion of the sale, the director now owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wes Cummins sold 200,000 shares of the company’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 sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $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 sold a total of 289,369 shares of company stock valued at $2,622,461 in the last quarter. Corporate insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several institutional investors have recently bought and sold shares of the company. Entropy Technologies LP purchased a new stake in Applied Digital during the 4th quarter valued at about $403,000. Wilmington Savings Fund Society FSB grew its position in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after purchasing an additional 2,000 shares during the last quarter. Calamos Advisors LLC purchased a new stake in Applied Digital during the 4th quarter valued at about $1,273,000. Spire Wealth Management purchased a new stake in Applied Digital during the 4th quarter valued at about $43,000. Finally, Hunter Associates Investment Management LLC grew its position in Applied Digital by 8.7% during the 4th quarter. Hunter Associates Investment Management LLC now owns 462,203 shares of the company’s stock valued at $3,522,000 after purchasing an additional 37,060 shares during 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.