Applied Digital (NASDAQ:APLD) Trading 7.4% Higher - What's Next?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price was up 7.4% during mid-day trading on Friday . The company traded as high as $7.45 and last traded at $7.37. Approximately 2,352,627 shares were traded during trading, a decline of 68% from the average daily volume of 7,333,510 shares. The stock had previously closed at $6.86.

Analyst Ratings Changes

Several brokerages have weighed in on APLD. Lake Street Capital lifted their price objective on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Roth Mkm reaffirmed a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Needham & Company LLC reiterated a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. Craig Hallum raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. Finally, B. Riley boosted their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Friday, September 13th. Six 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 a consensus target price of $10.50.

Applied Digital Stock Performance

The firm has a market capitalization of $1.56 billion, a P/E ratio of -6.19 and a beta of 4.65. The company has a 50-day moving average of $7.23 and a 200-day moving average of $5.52. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm's revenue was up 67.2% compared to the same quarter last year. During the same period last year, the company earned ($0.10) earnings per share. On average, equities analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the sale, the director now owns 384,317 shares in the company, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 119,369 shares of company stock valued at $870,161 over the last quarter. Insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in APLD. Vanguard Group Inc. raised its position in shares of Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company's stock worth $26,434,000 after purchasing an additional 2,547,485 shares during the period. Hood River Capital Management LLC grew its holdings in shares of Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company's stock valued at $57,098,000 after buying an additional 771,699 shares during the last quarter. Alight Capital Management LP bought a new stake in shares of Applied Digital during the second quarter worth about $3,570,000. Van ECK Associates Corp raised its holdings in shares of Applied Digital by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company's stock worth $17,077,000 after acquiring an additional 443,699 shares during the last quarter. Finally, Barclays PLC lifted its position in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after acquiring an additional 428,428 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

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.