Applied Digital (NASDAQ:APLD) Shares Up 3% – What’s Next?

Applied Digital Co. (NASDAQ:APLD) rose 3% during mid-day trading on Tuesday . The stock traded as high as $5.80 and last traded at $5.79. Approximately 4,918,222 shares changed hands during trading, a decline of 81% from the average daily volume of 25,997,205 shares. The stock had previously closed at $5.62.

Analyst Upgrades and Downgrades

APLD has been the subject of several research analyst reports. Cantor Fitzgerald lowered their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Compass Point began coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. Northland Securities raised their target price on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. HC Wainwright boosted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $12.11.

Applied Digital Trading Up 2.5 %

The company has a market capitalization of $1.39 billion, a P/E ratio of -3.61 and a beta of 4.69. 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 stock has a fifty day moving average of $7.56 and a 200 day moving average of $8.00.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. During the same period in the previous year, the firm earned ($0.05) EPS. The business’s quarterly revenue was up 51.3% on a year-over-year basis. As a group, equities research analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital 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 owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB boosted its position in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares during the period. R Squared Ltd bought a new stake in shares of Applied Digital in the 4th quarter valued at about $36,000. US Bancorp DE purchased a new position in Applied Digital in the fourth quarter worth $37,000. Jones Financial Companies Lllp purchased a new position in Applied Digital during the 4th quarter worth $39,000. Finally, Spire Wealth Management acquired a new position in shares of Applied Digital during the fourth quarter valued at about $43,000. Hedge funds and other institutional investors 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.