Applied Digital (NASDAQ:APLD) Stock Price Up 3.5% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares rose 3.5% during mid-day trading on Wednesday . The company traded as high as $46.28 and last traded at $45.48. Approximately 15,221,945 shares traded hands during trading, a decline of 43% from the average daily volume of 26,550,092 shares. The stock had previously closed at $43.93.

Wall Street Analyst Weigh In

APLD has been the topic of a number of analyst reports. Northland Securities set a $56.00 price objective on shares of Applied Digital in a report on Wednesday, January 28th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Zacks Research raised shares of Applied Digital from a “strong sell” rating to a “hold” rating in a report on Thursday, May 7th. Needham & Company LLC boosted their price target on shares of Applied Digital to $51.00 and gave the stock a “buy” rating in a report on Friday. Finally, Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given 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, Applied Digital has a consensus rating of “Moderate Buy” and a consensus target price of $44.67.

Applied Digital Stock Down 8.9%

The stock’s fifty day moving average is $30.65 and its two-hundred day moving average is $30.53. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $12.16 billion, a PE ratio of -57.51 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last released 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). The business had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. Applied Digital’s revenue for the quarter was up 139.3% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. As a group, analysts predict that Applied Digital Corporation will post -0.61 EPS for the current year.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the sale, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 35,000 shares of company stock worth $1,182,175. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently added to or reduced their stakes in the business. Noble Wealth Management PBC purchased a new stake in Applied Digital during the fourth quarter valued at about $25,000. Albion Financial Group UT purchased a new stake in Applied Digital during the fourth quarter valued at about $25,000. Activest Wealth Management bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. Ameriflex Group Inc. bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. Finally, McMillan Office Inc. bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.