Applied Digital (NASDAQ:APLD) Stock Price Up 2.4% - Here's Why

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) were up 2.4% during trading on Monday . The stock traded as high as $7.34 and last traded at $7.29. Approximately 9,724,936 shares traded hands during trading, a decline of 60% from the average daily volume of 24,355,529 shares. The stock had previously closed at $7.12.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on APLD shares. Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target on the stock. Cantor Fitzgerald reduced their target price on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a report on Wednesday, January 15th. HC Wainwright boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. 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. Finally, Northland Securities boosted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $12.11.

Applied Digital Stock Performance

The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of -4.50 and a beta of 4.77. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm's fifty day moving average is $8.58 and its 200 day moving average is $7.16.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly 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 business had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital's revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) earnings per share. On average, analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of the company's 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 completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 50,000 shares of the 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 transaction, the director now directly owns 334,317 shares in the company, valued at approximately $3,075,716.40. This represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 270,000 shares of company stock valued at $2,477,000 in the last three months. Corporate insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Several large investors have recently modified their holdings of the company. Van ECK Associates Corp grew its stake 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 acquiring an additional 2,344,572 shares during the last quarter. Geode Capital Management LLC grew its position in Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock worth $25,258,000 after purchasing an additional 1,002,862 shares during the last quarter. State Street Corp increased its holdings in shares of Applied Digital by 14.0% during the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company's stock worth $19,282,000 after purchasing an additional 286,852 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Applied Digital by 100.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company's stock valued at $13,740,000 after buying an additional 899,138 shares during the last quarter. Finally, Royce & Associates LP lifted its stake in shares of Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company's stock valued at $9,340,000 after buying an additional 15,763 shares during the period. 65.67% of the stock is owned by institutional investors.

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.