Applied Digital Co. (NASDAQ:APLD - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $6.48, but opened at $6.92. Applied Digital shares last traded at $6.59, with a volume of 5,899,302 shares trading hands.
Wall Street Analysts Forecast Growth
Several analysts recently commented on the company. Needham & Company LLC reiterated a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a report on Wednesday, January 15th. Cantor Fitzgerald decreased their price objective on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday, January 15th. HC Wainwright boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Lake Street Capital increased 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. Finally, Compass Point started coverage on Applied Digital in a research note on Tuesday. They issued a "buy" rating and a $10.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $11.13.
Read Our Latest Report on APLD
Applied Digital Trading Up 10.3 %
The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a market cap of $1.65 billion, a PE ratio of -4.27 and a beta of 4.78. The firm has a fifty day simple moving average of $8.89 and a two-hundred day simple moving average of $7.09.
Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $63.87 million for the quarter, compared to analysts' expectations of $62.41 million. During the same period last year, the business earned ($0.05) earnings per share. The business's quarterly revenue was up 51.3% on a year-over-year basis. As a group, equities analysts expect that Applied Digital Co. will post -0.8 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the sale, the director now directly owns 384,317 shares in the company, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the business's stock in a transaction that occurred on 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 $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. Insiders sold a total of 289,369 shares of company stock worth $2,622,461 in the last three months. 11.81% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in APLD. Wilmington Savings Fund Society FSB grew its holdings in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after buying an additional 2,000 shares in the last quarter. R Squared Ltd purchased a new position in shares of Applied Digital in the fourth quarter valued at $36,000. Spire Wealth Management bought a new stake in Applied Digital in the fourth quarter worth $43,000. KBC Group NV purchased a new stake in Applied Digital during the fourth quarter valued at $55,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Applied Digital during the third quarter valued at $59,000. 65.67% of the stock is owned by hedge funds and other institutional investors.
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.
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