Applied Digital (NASDAQ:APLD) Trading Up 5.4% – What’s Next?

Shares of Applied Digital Co. (NASDAQ:APLD) rose 5.4% during trading on Wednesday . The stock traded as high as $6.42 and last traded at $6.42. Approximately 9,086,554 shares traded hands during trading, a decline of 65% from the average daily volume of 26,077,461 shares. The stock had previously closed at $6.09.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on APLD. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Monday, February 24th. Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. HC Wainwright raised their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Cantor Fitzgerald reduced their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Finally, Compass Point initiated coverage on Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $12.11.

Applied Digital Trading Up 5.3 %

The company has a 50 day simple moving average of $7.63 and a two-hundred day simple moving average of $8.01. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market cap of $1.43 billion, a PE ratio of -3.71 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the prior year, the company earned ($0.05) EPS. Applied Digital’s quarterly revenue was up 51.3% on a year-over-year basis. Analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the business’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 value 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 approximately $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after buying an additional 3,587,619 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Applied Digital by 113.8% during the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after acquiring an additional 2,344,572 shares during the period. Tidal Investments LLC grew its position in shares of Applied Digital by 14,635.7% during the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company’s stock valued at $12,972,000 after acquiring an additional 1,686,328 shares during the period. American Century Companies Inc. purchased a new position in shares of Applied Digital in the 4th quarter valued at about $12,843,000. Finally, Geode Capital Management LLC raised its stake in shares of Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock worth $36,117,000 after buying an additional 1,665,335 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.