Applied Digital (NASDAQ:APLD) Stock Price Up 14.6% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares were up 14.6% during trading on Friday . The stock traded as high as $28.44 and last traded at $28.11. Approximately 35,664,639 shares changed hands during trading, an increase of 50% from the average daily volume of 23,706,060 shares. The stock had previously closed at $24.52.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Northland Securities reissued an “outperform” rating and issued a $40.00 target price on shares of Applied Digital in a research note on Tuesday, December 30th. Lake Street Capital restated a “buy” rating and set a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. B. Riley reaffirmed a “buy” rating on shares of Applied Digital in a research note on Wednesday, October 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Applied Digital currently has a consensus rating of “Moderate Buy” and an average price target of $27.00.

Applied Digital Trading Up 14.6%

The business has a 50 day moving average of $27.57 and a 200 day moving average of $21.07. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of -24.88 and a beta of 6.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.65 and a quick ratio of 0.65.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. The firm had revenue of $64.22 million for the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The company’s revenue was up 84.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.15) earnings per share. As a group, research analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other Applied Digital news, Director Ella G. Benson sold 42,569 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total value of $1,502,685.70. Following the completion of the sale, the director owned 69,256 shares of the company’s stock, valued at approximately $2,444,736.80. This represents a 38.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Chuck Hastings sold 50,000 shares of the stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $35.69, for a total transaction of $1,784,500.00. Following the completion of the sale, the director owned 451,612 shares in the company, valued at approximately $16,118,032.28. This trade represents a 9.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 328,035 shares of company stock valued at $11,376,479. 9.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its holdings in shares of Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after purchasing an additional 5,198,223 shares in the last quarter. Vanguard Group Inc. raised its holdings in Applied Digital by 23.2% during the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock worth $406,547,000 after buying an additional 3,339,062 shares during the period. Two Sigma Investments LP bought a new position in Applied Digital in the third quarter valued at approximately $69,535,000. Situational Awareness LP boosted its holdings in shares of Applied Digital by 63.3% in the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after buying an additional 2,556,200 shares during the period. Finally, HRT Financial LP bought a new stake in shares of Applied Digital during the second quarter worth $14,759,000. 65.67% of the stock is owned by institutional investors and hedge funds.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.