Applied Digital Co. (NASDAQ:APLD – Get Free Report) shares traded up 7.8% during mid-day trading on Thursday . The stock traded as high as $7.43 and last traded at $7.21. 9,880,864 shares traded hands during trading, a decline of 60% from the average session volume of 24,473,090 shares. The stock had previously closed at $6.69.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on APLD shares. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Wednesday, January 15th. Lake Street Capital boosted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. HC Wainwright upped their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Finally, Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $11.13.
Read Our Latest Stock Analysis on Applied Digital
Applied Digital Stock Up 10.3 %
Applied Digital (NASDAQ:APLD – Get Free Report) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same period in the previous year, the company posted ($0.05) EPS. The firm’s revenue was up 51.3% on a year-over-year basis. On average, equities analysts anticipate that Applied Digital Co. will post -0.8 earnings per share for the current year.
Insider Activity
In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now directly owns 384,317 shares of the company’s stock, valued at $2,886,220.67. This trade represents a 4.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following 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 position. The disclosure for this sale can be found here. Insiders have sold 289,369 shares of company stock worth $2,622,461 in the last three months. Company insiders own 11.81% of the company’s stock.
Hedge Funds Weigh In On Applied Digital
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after acquiring an additional 240,554 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Applied Digital in the 3rd quarter worth $545,000. Exchange Traded Concepts LLC grew its stake in shares of Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after buying an additional 273,666 shares in the last quarter. Barclays PLC raised its position in shares of Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after buying an additional 428,428 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Applied Digital by 414.5% in the 4th quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock valued at $2,031,000 after acquiring an additional 214,133 shares during the last quarter. 65.67% of the stock is owned by 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.
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