Applied Digital (NASDAQ:APLD) Stock Price Up 3% - Here's Why

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price shot up 3% on Thursday . The company traded as high as $8.90 and last traded at $8.34. 13,410,298 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 27,230,598 shares. The stock had previously closed at $8.10.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Compass Point assumed 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. Cantor Fitzgerald lowered their target price 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. Needham & Company LLC reiterated a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a research note on Monday, February 24th. Northland Securities lifted their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Finally, HC Wainwright lifted their price objective 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. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital presently has a consensus rating of "Buy" and an average target price of $12.11.

Applied Digital Trading Up 2.0 %

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a 50-day simple moving average of $8.41 and a 200 day simple moving average of $7.67. The firm has a market cap of $1.78 billion, a PE ratio of -4.62 and a beta of 4.77.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Polar Asset Management Partners Inc. acquired a new position in shares of Applied Digital during the 4th quarter worth approximately $510,000. Mackenzie Financial Corp acquired a new position in shares of Applied Digital during the 4th quarter worth approximately $92,000. GTS Securities LLC acquired a new position in shares of Applied Digital during the 4th quarter worth approximately $196,000. Two Seas Capital LP acquired a new position in shares of Applied Digital during the 4th quarter worth approximately $5,062,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Applied Digital by 271.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company's stock worth $2,623,000 after buying an additional 250,944 shares during the period. 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.