Applied Digital (NASDAQ:APLD) Shares Up 3% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD) shares were up 3% during trading on Tuesday . The stock traded as high as $5.80 and last traded at $5.79. Approximately 4,918,222 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 25,997,205 shares. The stock had previously closed at $5.62.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on APLD. Compass Point assumed coverage on Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. Cantor Fitzgerald lowered their price objective on shares of 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 raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Northland Securities upped their target price on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Monday, February 24th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $12.11.

Applied Digital Trading Up 2.5 %

The stock has a market capitalization of $1.28 billion, a PE ratio of -3.33 and a beta of 4.69. The stock’s 50 day moving average price is $7.69 and its 200-day moving average price is $8.01. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) EPS. On average, sell-side analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 11.81% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

A number of large investors have recently added to or reduced their stakes in APLD. Charles Schwab Investment Management Inc. boosted its position 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 valued at $7,419,000 after acquiring an additional 240,554 shares during the last quarter. Quadrature Capital Ltd bought a new position in Applied Digital during the third quarter valued at $545,000. Rhumbline Advisers lifted its position in Applied Digital by 68.7% during the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock valued at $1,978,000 after purchasing an additional 105,428 shares during the last quarter. 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. Finally, Barclays PLC increased its holdings in shares of Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares during the last quarter. Institutional investors 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.