Applied Digital (NASDAQ:APLD) Stock Price Up 5.4% - Here's What Happened

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded up 5.4% during mid-day trading on Wednesday . The stock traded as high as $6.42 and last traded at $6.42. 9,086,554 shares changed hands during trading, a decline of 65% from the average session volume of 26,077,461 shares. The stock had previously closed at $6.09.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Needham & Company LLC restated a "buy" rating and issued a $11.00 price target on shares of Applied Digital in a research note on Monday, February 24th. Compass Point assumed coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target on the stock. Northland Securities boosted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Cantor Fitzgerald dropped their price target 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. Finally, HC Wainwright increased their price target on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $12.11.

Applied Digital Stock Performance

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 company has a market cap of $1.10 billion, a P/E ratio of -2.84 and a beta of 5.18. The company has a 50 day moving average price of $7.40 and a 200-day moving average price of $7.97.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million for 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%. The company's revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.05) EPS. On average, equities analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business's stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares of the company's stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Hood River Capital Management LLC increased its position in shares of Applied Digital by 10.7% during the 4th quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company's stock valued at $115,726,000 after purchasing an additional 1,464,854 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after buying an additional 3,587,619 shares during the period. Geode Capital Management LLC lifted its stake in Applied Digital by 54.4% in the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock worth $36,117,000 after purchasing an additional 1,665,335 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company's stock worth $33,649,000 after buying an additional 2,344,572 shares in the last quarter. Finally, Pertento Partners LLP boosted its position in shares of Applied Digital by 49.0% during the 4th quarter. Pertento Partners LLP now owns 2,528,717 shares of the company's stock valued at $19,319,000 after acquiring an additional 831,705 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.