Applied Digital (NASDAQ:APLD) Stock Price Up 15.2% - Here's Why

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded up 15.2% during mid-day trading on Monday . The company traded as high as $9.28 and last traded at $9.11. 42,892,479 shares changed hands during trading, an increase of 69% from the average session volume of 25,388,150 shares. The stock had previously closed at $7.91.

Analyst Upgrades and Downgrades

APLD has been the subject of several research reports. Northland Securities increased their target price 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. Cantor Fitzgerald cut 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 note on Wednesday, January 15th. HC Wainwright raised their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note 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 research note on Wednesday, January 15th. Finally, Compass Point started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 target price for the company. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital has an average rating of "Buy" and an average price target of $12.11.

Applied Digital Stock Up 4.6 %

The firm's 50-day simple moving average is $8.45 and its 200 day simple moving average is $7.43. The company has a market cap of $2.37 billion, a P/E ratio of -6.16 and a beta of 4.77. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

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

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 50,000 shares of the business's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the transaction, the director now owns 334,317 shares of the company's stock, valued at $3,075,716.40. The trade was a 13.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the business's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 270,000 shares of company stock worth $2,477,000. Insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB boosted its stake in Applied Digital by 100.0% in the 4th 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 acquired a new position in Applied Digital in the 4th quarter worth $36,000. US Bancorp DE acquired a new position in Applied Digital in the 4th quarter worth $37,000. Jones Financial Companies Lllp acquired a new position in Applied Digital in the 4th quarter worth $39,000. Finally, Spire Wealth Management acquired a new position in Applied Digital in the 4th quarter worth $43,000. Institutional investors and hedge funds 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.