Applied Digital (NASDAQ:APLD) Trading 4.6% Higher – What’s Next?

Applied Digital Co. (NASDAQ:APLD) was up 4.6% on Friday . The stock traded as high as $7.76 and last traded at $7.72. Approximately 8,323,286 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 24,352,492 shares. The stock had previously closed at $7.38.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on APLD shares. Lake Street Capital increased their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Craig Hallum upped 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 Thursday, October 10th. Compass Point began coverage on shares of Applied Digital in a research note on Tuesday. They issued a “buy” rating and a $10.00 target price for the company. Finally, Cantor Fitzgerald lowered their target price 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. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $11.13.

Applied Digital Price Performance

The company’s 50-day moving average price is $8.86 and its 200-day moving average price is $7.09. 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 company has a market cap of $1.63 billion, a P/E ratio of -4.23 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.05) earnings per share. As a group, sell-side analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 334,317 shares in the company, valued at approximately $3,075,716.40. This trade represents a 13.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 289,369 shares of company stock valued at $2,622,461. Corporate insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds and other institutional investors have recently bought and sold shares of APLD. Wilmington Savings Fund Society FSB raised its stake in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd acquired a new stake in Applied Digital in the 4th quarter worth about $36,000. Spire Wealth Management acquired a new stake in Applied Digital in the 4th quarter worth about $43,000. KBC Group NV acquired a new stake in Applied Digital in the 4th quarter worth about $55,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Applied Digital in the 3rd quarter worth about $59,000. 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.