Applied Digital (NASDAQ:APLD) Trading 3% Higher – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s share price was up 3% during trading on Monday . The company traded as high as $8.09 and last traded at $8.02. Approximately 5,187,631 shares changed hands during trading, a decline of 78% from the average daily volume of 23,464,121 shares. The stock had previously closed at $7.79.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Wednesday, January 15th. HC Wainwright boosted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Cantor Fitzgerald lowered their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Finally, Northland Securities raised their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital has an average rating of “Buy” and an average target price of $12.11.

Applied Digital Trading Down 0.4 %

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 firm’s 50-day moving average price is $8.51 and its 200 day moving average price is $7.24. The company has a market capitalization of $1.69 billion, a P/E ratio of -4.37 and a beta of 4.77.

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 the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. As a group, equities research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity

In other Applied Digital 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 value of $460,000.00. Following the completion of the sale, the director now directly owns 334,317 shares in the company, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 270,000 shares of company stock worth $2,477,000. 11.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its stake in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after buying an additional 240,554 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of Applied Digital in the 3rd quarter worth $545,000. Exchange Traded Concepts LLC increased its holdings 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 purchasing an additional 273,666 shares in the last quarter. Barclays PLC raised its stake in shares of Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after purchasing an additional 428,428 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Applied Digital by 414.5% during the fourth quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock valued at $2,031,000 after purchasing an additional 214,133 shares in 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.