Applied Digital (NASDAQ:APLD) Trading Up 2.4% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s stock price traded up 2.4% during trading on Monday . The company traded as high as $7.34 and last traded at $7.17. 4,802,809 shares changed hands during trading, a decline of 82% from the average session volume of 27,015,619 shares. The stock had previously closed at $7.00.

Analysts Set New Price Targets

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

Applied Digital Trading Up 4.1 %

The business’s 50-day moving average price is $8.11 and its 200 day moving average price is $7.85. The company has a market cap of $1.62 billion, a P/E ratio of -4.21 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD) last announced 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 the consensus estimate of $62.41 million. During the same quarter last year, the firm posted ($0.05) EPS. The company’s quarterly revenue was up 51.3% on a year-over-year basis. As a group, analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated 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 sale, the director now owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 11.81% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently bought and sold shares of the business. 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. US Bancorp DE acquired a new stake in Applied Digital in the 4th quarter worth about $37,000. Jones Financial Companies Lllp acquired a new stake in Applied Digital in the 4th quarter worth about $39,000. Finally, Spire Wealth Management acquired a new stake in Applied Digital in the 4th quarter worth about $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.