Applied Digital (NASDAQ:APLD) Trading 2.4% Higher – What’s Next?

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on APLD shares. Craig Hallum upped their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. 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 report on Wednesday, January 15th. Lake Street Capital increased their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $11.13.

Applied Digital Stock Performance

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 stock has a fifty day moving average price of $8.80 and a 200-day moving average price of $7.10. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -4.25 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $62.41 million. During the same period in the previous year, the company posted ($0.05) EPS. Applied Digital’s revenue was up 51.3% compared to the same quarter last year. On average, analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated 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 transaction, the director now owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the business’s 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 sale, the chief executive officer now directly owns 3,875,955 shares in the company, 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 sold 289,369 shares of company stock valued at $2,622,461 over the last ninety days. Corporate insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp increased its position in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after buying an additional 2,344,572 shares in the last quarter. Geode Capital Management LLC increased its holdings in Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after acquiring an additional 1,002,862 shares in the last quarter. State Street Corp raised its position in Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after acquiring an additional 286,852 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after purchasing an additional 15,763 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its position in shares of Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after purchasing an additional 273,666 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

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.