Applied Digital (NASDAQ:APLD) Sets New 52-Week High at $8.71

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares reached a new 52-week high during trading on Friday . The stock traded as high as $8.71 and last traded at $8.69, with a volume of 5388641 shares traded. The stock had previously closed at $8.25.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on APLD shares. B. Riley raised their price target on Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Friday, September 13th. HC Wainwright restated a "buy" rating and issued a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Needham & Company LLC reiterated a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research note on Monday, September 9th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, September 5th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $8.40.

Applied Digital Stock Performance

The company has a market capitalization of $1.12 billion, a PE ratio of -10.37 and a beta of 4.51. The firm has a 50-day moving average of $4.92 and a two-hundred day moving average of $4.56. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.29). The firm had revenue of $43.70 million for the quarter, compared to analyst estimates of $42.70 million. Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. During the same quarter in the prior year, the business posted ($0.07) EPS. Research analysts anticipate that Applied Digital Co. will post -1.12 EPS for the current year.

Insiders Place Their Bets

In related news, Director Douglas S. Miller sold 10,000 shares of the firm's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now directly owns 218,506 shares of the company's stock, valued at approximately $1,201,783. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 20.50% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

Large investors have recently bought and sold shares of the business. Alight Capital Management LP purchased a new position in Applied Digital during the second quarter worth about $3,570,000. Woodmont Investment Counsel LLC increased its position in shares of Applied Digital by 4.2% during the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company's stock valued at $1,071,000 after acquiring an additional 10,149 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company's stock valued at $26,434,000 after acquiring an additional 2,547,485 shares during the period. Register Financial Advisors LLC lifted its holdings in shares of Applied Digital by 74.0% in the 1st quarter. Register Financial Advisors LLC now owns 323,400 shares of the company's stock worth $1,384,000 after acquiring an additional 137,500 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Applied Digital by 23.2% during the 1st quarter. Swiss National Bank now owns 180,600 shares of the company's stock worth $773,000 after purchasing an additional 34,000 shares during the period. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Company Profile

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.