Applied Digital (NASDAQ:APLD) Sets New 12-Month High - Here's What Happened

Applied Digital Co. (NASDAQ:APLD - Get Free Report) hit a new 52-week high on Friday . The company traded as high as $11.07 and last traded at $10.96, with a volume of 9808676 shares traded. The stock had previously closed at $10.04.

Analysts Set New Price Targets

Several research firms have issued reports on APLD. HC Wainwright lifted their target price on Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th. Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Needham & Company LLC reiterated a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. Lake Street Capital raised their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Finally, B. Riley upped their price target on Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Friday, September 13th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $10.50.

Applied Digital Stock Up 6.3 %

The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of -9.12 and a beta of 4.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The business's 50 day moving average is $8.20 and its 200 day moving average is $6.21.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business's revenue for the quarter was up 67.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) earnings per share. Sell-side analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the 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 of the company's stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard N. Nottenburg sold 50,000 shares of the business'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 transaction, the director now directly owns 334,317 shares of the company's stock, valued at approximately $3,075,716.40. This trade represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 359,369 shares of company stock valued at $3,115,161. 11.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of the stock. Headlands Technologies LLC lifted its stake in shares of Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock valued at $52,000 after purchasing an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Applied Digital in the third quarter valued at $59,000. ARS Investment Partners LLC acquired a new position in shares of Applied Digital in the second quarter worth about $60,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of Applied Digital in the third quarter worth about $83,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital during the 3rd quarter worth about $88,000. Hedge funds and other institutional investors 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.