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

Applied Digital Co. (NASDAQ:APLD) was up 5.4% during trading on Wednesday . The stock traded as high as $7.06 and last traded at $6.87. Approximately 7,423,037 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 24,512,326 shares. The stock had previously closed at $6.52.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. HC Wainwright lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday. They issued a “buy” rating and a $10.00 price target for the company. Cantor Fitzgerald lowered their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Finally, Lake Street Capital lifted their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $11.13.

Applied Digital Stock Performance

The firm has a market capitalization of $1.65 billion, a PE ratio of -4.27 and a beta of 4.78. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm’s 50-day moving average price is $8.89 and its two-hundred day moving average price is $7.09.

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

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now directly owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This represents a 4.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 289,369 shares of company stock valued at $2,622,461. 11.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of APLD. Wilmington Savings Fund Society FSB grew its stake in shares of Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares in the last quarter. R Squared Ltd acquired a new position in shares of Applied Digital during the 4th quarter worth approximately $36,000. Spire Wealth Management bought a new position in shares of Applied Digital during the fourth quarter worth approximately $43,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital in the third quarter valued at approximately $59,000. Finally, KBC Group NV acquired a new stake in shares of Applied Digital during the 4th quarter worth $55,000. Institutional investors and hedge funds 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.