Applied Digital Co. (NASDAQ:APLD - Get Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $7.77, but opened at $9.53. Applied Digital shares last traded at $9.13, with a volume of 27,304,694 shares trading hands.
The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company's revenue was up 51.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) EPS.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the company. Cantor Fitzgerald dropped their price objective on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Wednesday. Craig Hallum raised their price target on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Roth Mkm reiterated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital raised their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research report on Wednesday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $11.29.
Get Our Latest Stock Report on APLD
Insider Activity
In other news, 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 50,000 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 $460,000.00. Following the transaction, the director now directly owns 334,317 shares of the company's stock, valued at $3,075,716.40. This represents a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 269,369 shares of company stock valued at $2,445,461. Company insiders own 11.81% of the company's stock.
Institutional Trading of Applied Digital
Several hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Applied Digital during the third quarter worth $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Applied Digital during the 3rd quarter worth $83,000. Gunderson Capital Management Inc. purchased a new position in shares of Applied Digital in the 4th quarter valued at about $83,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Applied Digital in the third quarter valued at about $88,000. Finally, Chesapeake Capital Corp IL acquired a new stake in shares of Applied Digital in the third quarter valued at about $94,000. 65.67% of the stock is owned by institutional investors and hedge funds.
Applied Digital Trading Up 7.3 %
The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock has a market cap of $1.90 billion, a PE ratio of -7.68 and a beta of 4.78. The business's fifty day moving average is $8.77 and its 200 day moving average is $6.95.
About Applied Digital
(
Get Free Report)
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.
Further Reading
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