Applied Digital (NASDAQ:APLD) Reaches New 12-Month High - Here's What Happened

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares reached a new 52-week high on Tuesday . The stock traded as high as $9.26 and last traded at $9.18, with a volume of 3899318 shares traded. The stock had previously closed at $8.71.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on APLD. B. Riley lifted their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Friday, September 13th. 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. Lake Street Capital increased their price objective on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a research report on Thursday, October 17th. Finally, Craig Hallum raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital presently has an average rating of "Buy" and a consensus target price of $10.50.

Applied Digital Trading Up 4.8 %

The business's 50-day moving average is $6.12 and its two-hundred day moving average is $5.01. The stock has a market capitalization of $1.25 billion, a PE ratio of -11.56 and a beta 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 announced its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same period last year, the business posted ($0.10) EPS. The company's revenue was up 67.2% on a year-over-year basis. On average, analysts anticipate that Applied Digital Co. will post -1.12 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the sale, the director now directly owns 218,506 shares in the company, valued at $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares of the company's stock, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now owns 218,506 shares of the company's stock, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 100,000 shares of company stock valued at $724,700. Corporate insiders own 20.50% of the company's stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Principal Financial Group Inc. purchased a new stake in Applied Digital during the first quarter worth $50,000. Headlands Technologies LLC increased its position in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock valued at $52,000 after buying an additional 6,933 shares in the last quarter. ARS Investment Partners LLC acquired a new position in shares of Applied Digital during the 2nd quarter worth $60,000. Price T Rowe Associates Inc. MD boosted its position in shares of Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company's stock worth $103,000 after buying an additional 3,182 shares in the last quarter. Finally, Crumly & Associates Inc. acquired a new stake in Applied Digital in the 2nd quarter valued at about $110,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.