Applied Digital (NASDAQ:APLD) Shares Up 1.3% - Here's Why

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price shot up 1.3% during trading on Wednesday . The company traded as high as $7.11 and last traded at $7.01. 6,582,229 shares changed hands during trading, a decline of 77% from the average session volume of 28,320,756 shares. The stock had previously closed at $6.92.

Analysts Set New Price Targets

APLD has been the subject of several analyst reports. Cantor Fitzgerald lowered 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. HC Wainwright lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, January 15th. Compass Point initiated 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 for the company. Needham & Company LLC reiterated a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Finally, Northland Securities lifted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 4th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital presently has an average rating of "Buy" and an average price target of $12.11.

Applied Digital Stock Performance

The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -4.20 and a beta of 4.69. The stock's fifty day moving average is $8.26 and its 200-day moving average is $7.75. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

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Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share 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 firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. The business's revenue was up 51.3% on a year-over-year basis. On average, analysts forecast that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling at Applied Digital

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of APLD. Charles Schwab Investment Management Inc. lifted its position in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company's stock worth $7,419,000 after purchasing an additional 240,554 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of Applied Digital in the third quarter worth $545,000. Rhumbline Advisers lifted its position in shares of Applied Digital by 68.7% in the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock worth $1,978,000 after purchasing an additional 105,428 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock worth $7,656,000 after purchasing an additional 273,666 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company's stock worth $4,014,000 after purchasing an additional 428,428 shares in the last quarter. Institutional investors own 65.67% of the company's stock.

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.