Applied Digital (NASDAQ:APLD) Trading Up 2.9% - Here's What Happened

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) were up 2.9% during trading on Thursday . The company traded as high as $7.50 and last traded at $7.47. Approximately 3,726,318 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 26,463,895 shares. The stock had previously closed at $7.26.

Analyst Ratings Changes

Several brokerages have recently weighed in on APLD. HC Wainwright boosted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. Cantor Fitzgerald lowered their price objective on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 15th. Compass Point initiated coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price for the company. Needham & Company LLC reiterated a "buy" rating and set a $11.00 price target on shares of Applied Digital in a report on Monday, February 24th. Finally, Northland Securities upped 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. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $12.11.

Applied Digital Stock Up 11.2 %

The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The business's 50 day moving average price is $7.93 and its 200-day moving average price is $7.98. The firm has a market capitalization of $1.75 billion, a PE ratio of -4.54 and a beta of 4.69.

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Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the previous year, the business earned ($0.05) EPS. The company's quarterly revenue was up 51.3% compared to the same quarter last year. As a group, equities research analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Large investors have recently modified their holdings of the stock. 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 worth $31,000 after acquiring an additional 2,000 shares in the last quarter. R Squared Ltd acquired a new position in Applied Digital in the fourth quarter valued at $36,000. US Bancorp DE purchased a new stake in shares of Applied Digital in the fourth quarter valued at about $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital during the fourth quarter worth about $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital during the fourth quarter worth about $43,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

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.