Applied Digital (NASDAQ:APLD) Shares Gap Up - Here's Why

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) gapped up prior to trading on Tuesday . 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 traded.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. HC Wainwright lifted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Lake Street Capital lifted their price target on 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 restated a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. Cantor Fitzgerald began coverage on shares of Applied Digital in a report on Friday, December 20th. They issued an "overweight" rating and a $15.00 price target on the stock. Finally, Craig Hallum raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $11.14.

Applied Digital Trading Up 9.9 %

The firm has a fifty day moving average of $8.70 and a two-hundred day moving average of $6.92. The company has a market cap of $1.80 billion, a PE ratio of -7.30 and a beta of 4.78. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

Insiders Place Their Bets

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the sale, the director now owns 208,506 shares of the company's stock, valued at approximately $1,670,133.06. This represents a 4.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the transaction, the director now directly owns 384,317 shares of the company's stock, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 279,369 shares of company stock worth $2,525,561 over the last quarter. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently modified their holdings of the company. Headlands Technologies LLC increased its holdings in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock worth $52,000 after acquiring an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Applied Digital in the third quarter worth $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Applied Digital in the third quarter worth $83,000. Gunderson Capital Management Inc. bought a new stake in Applied Digital during the fourth quarter valued at $83,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Applied Digital during the third quarter worth about $88,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.