Applied Digital (NASDAQ:APLD) Sees Strong Trading Volume Following Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD) shares saw an uptick in trading volume on Thursday after Craig Hallum raised their price target on the stock from $10.00 to $12.00. Craig Hallum currently has a buy rating on the stock. 6,229,477 shares changed hands during mid-day trading, a decline of 5% from the previous session’s volume of 6,563,512 shares.The stock last traded at $7.11 and had previously closed at $7.40.

APLD has been the topic of several other reports. B. Riley lifted their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, September 5th. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a research report on Thursday, August 29th. 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 Thursday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $9.00.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its stake in Applied Digital by 15.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after buying an additional 3,182 shares in the last quarter. ICA Group Wealth Management LLC lifted its position in shares of Applied Digital by 56.8% in the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after purchasing an additional 6,795 shares in the last quarter. Headlands Technologies LLC lifted its position in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Applied Digital by 25.0% in the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock worth $224,000 after purchasing an additional 7,517 shares in the last quarter. Finally, ARS Investment Partners LLC bought a new stake in shares of Applied Digital in the second quarter worth $60,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Stock Performance

The stock’s 50-day moving average price is $5.38 and its 200 day moving average price is $4.73. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The firm has a market cap of $975.56 million, a P/E ratio of -9.94 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). The business had revenue of $43.70 million during the quarter, compared to the consensus estimate of $42.70 million. Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. During the same period in the prior year, the firm earned ($0.07) EPS. As a group, equities analysts predict that Applied Digital Co. will post -1.12 EPS for the current year.

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.