Applied Digital (NASDAQ:APLD) Trading 9% Higher – What’s Next?

Shares of Applied Digital Co. (NASDAQ:APLD) were up 9% during trading on Monday . The company traded as high as $9.75 and last traded at $9.70. Approximately 5,671,161 shares changed hands during trading, a decline of 32% from the average daily volume of 8,336,955 shares. The stock had previously closed at $8.90.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Lake Street Capital boosted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright upped their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Craig Hallum lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $10.50.

Applied Digital Stock Performance

The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -8.29 and a beta of 4.67. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The stock has a 50-day moving average of $8.31 and a 200 day moving average of $6.39.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same period last year, the firm earned ($0.10) earnings per share. The business’s revenue for the quarter was up 67.2% on a year-over-year basis. On average, analysts expect that Applied Digital Co. will post -0.4 EPS for the current year.

Insiders Place Their Bets

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the transaction, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 359,369 shares of company stock worth $3,115,161. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Large investors have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its stake in Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after acquiring an additional 3,040 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after purchasing an additional 3,182 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Applied Digital by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock worth $355,000 after buying an additional 5,423 shares during the last quarter. FMR LLC raised its position in Applied Digital by 99.1% during the third quarter. FMR LLC now owns 13,071 shares of the company’s stock valued at $108,000 after purchasing an additional 6,507 shares in the last quarter. Finally, ICA Group Wealth Management LLC grew its position in Applied Digital by 56.8% during the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after acquiring an additional 6,795 shares during the last quarter. 65.67% of the stock is currently 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.