Applied Digital (NASDAQ:APLD) Trading 4.3% Higher

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares were up 4.3% during mid-day trading on Monday . The stock traded as high as $6.30 and last traded at $6.28. Approximately 1,235,151 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 6,080,306 shares. The stock had previously closed at $6.02.

Analyst Ratings Changes

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

Applied Digital Stock Up 11.3 %

The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The stock has a market capitalization of $919.30 million, a PE ratio of -8.48 and a beta of 4.51. The company has a 50 day moving average price of $4.79 and a 200-day moving average price of $4.47.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.29). The company had revenue of $43.70 million for the quarter, compared to analysts' expectations 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 period in the previous year, the firm posted ($0.07) earnings per share. As a group, analysts forecast that Applied Digital Co. will post -1.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Douglas S. Miller sold 10,000 shares of the firm's 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 completion of the transaction, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 20.50% of the company's stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Point72 Asset Management L.P. bought a new stake in shares of Applied Digital in the 2nd quarter worth approximately $1,451,000. B. Riley Wealth Advisors Inc. increased its holdings in shares of Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company's stock valued at $4,609,000 after acquiring an additional 308,223 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Applied Digital by 25.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company's stock worth $224,000 after purchasing an additional 7,517 shares in the last quarter. Alight Capital Management LP purchased a new stake in Applied Digital during the 2nd quarter valued at about $3,570,000. Finally, Marshall Wace LLP bought a new stake in Applied Digital during the 2nd quarter valued at about $720,000. 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.