Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) were up 15.2% on Monday . The company traded as high as $9.28 and last traded at $9.11. Approximately 42,892,479 shares were traded during trading, an increase of 69% from the average daily volume of 25,388,150 shares. The stock had previously closed at $7.91.
Analyst Ratings Changes
A number of analysts recently weighed in on APLD shares. Needham & Company LLC restated a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research note on Wednesday, January 15th. Cantor Fitzgerald cut their target price on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 15th. Northland Securities increased their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. HC Wainwright increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Wednesday, January 15th. Finally, Compass Point began coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $12.11.
View Our Latest Analysis on APLD
Applied Digital Price Performance
The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -5.88 and a beta of 4.77. The company has a fifty day moving average price of $8.45 and a two-hundred day moving average price of $7.43. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.
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 for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company's revenue was up 51.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) earnings per share. On average, equities research analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.
Insider Activity
In related news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on 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 directly owns 3,875,955 shares of the company's stock, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the sale, the director now directly owns 342,923 shares of the company's stock, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 270,000 shares of company stock valued at $2,477,000. 11.81% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Applied Digital
Several hedge funds have recently modified their holdings of APLD. Wilmington Savings Fund Society FSB lifted its holdings in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after purchasing an additional 2,000 shares during the period. R Squared Ltd purchased a new position in Applied Digital in the fourth quarter worth $36,000. US Bancorp DE purchased a new position in Applied Digital in the fourth quarter worth $37,000. Jones Financial Companies Lllp purchased a new position in Applied Digital in the fourth quarter worth $39,000. Finally, Spire Wealth Management purchased a new position in Applied Digital in the fourth quarter worth $43,000. 65.67% of the stock is owned by institutional investors and hedge funds.
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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