Applied Digital (NASDAQ:APLD) Stock Price Up 1.4% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD)’s share price shot up 1.4% during trading on Thursday . The company traded as high as $50.73 and last traded at $49.65. 19,081,606 shares were traded during mid-day trading, a decline of 27% from the average session volume of 26,203,320 shares. The stock had previously closed at $48.98.

Analysts Set New Price Targets

A number of brokerages have commented on APLD. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. B. Riley Financial reiterated a “buy” rating and issued a $66.00 target price (up from $53.00) on shares of Applied Digital in a report on Wednesday. Citizens Jmp boosted their target price on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Thursday, May 21st. Zacks Research upgraded shares of Applied Digital from a “strong sell” rating to a “hold” rating in a report on Thursday, May 7th. Finally, Compass Point reiterated a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a research report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.11.

Applied Digital Trading Up 1.4%

The company has a 50 day moving average of $33.54 and a 200 day moving average of $31.18. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The stock has a market capitalization of $14.19 billion, a price-to-earnings ratio of -67.09 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The firm had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. During the same period in the prior year, the company posted ($0.08) earnings per share. The firm’s revenue for the quarter was up 139.3% compared to the same quarter last year. On average, research analysts predict that Applied Digital Corporation will post -0.61 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is owned by corporate insiders.

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of APLD. Vanguard Group Inc. increased its stake in shares of Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after acquiring an additional 6,445,908 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new stake in shares of Applied Digital in the 4th quarter worth $138,380,000. Situational Awareness LP increased its stake in shares of Applied Digital by 87.0% in the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after acquiring an additional 5,274,905 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Applied Digital by 24,356.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after acquiring an additional 5,198,223 shares during the last quarter. Finally, Marex Group plc increased its stake in shares of Applied Digital by 38,484.6% in the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after acquiring an additional 3,894,639 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Company Profile

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.