Applied Digital (NASDAQ:APLD) Trading Up 3% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD)’s share price was up 3% during mid-day trading on Friday . The stock traded as high as $44.95 and last traded at $42.70. Approximately 22,364,214 shares traded hands during trading, a decline of 13% from the average daily volume of 25,693,217 shares. The stock had previously closed at $41.47.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Citigroup reiterated a “market outperform” rating on shares of Applied Digital in a research note on Tuesday. Lake Street Capital upped their price objective on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday. Craig Hallum increased their price objective on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday. Roth Mkm reiterated a “buy” rating and issued a $65.00 target price on shares of Applied Digital in a research note on Thursday, April 23rd. Finally, Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $67.67.

Applied Digital Stock Up 3.0%

The firm’s fifty day simple moving average is $37.57 and its 200-day simple moving average is $32.65. The company has a market cap of $12.20 billion, a PE ratio of -57.70 and a beta of 5.69. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The company had revenue of $108.55 million during 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%. The firm’s revenue was up 139.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.08) earnings per share. As a group, equities research analysts expect that Applied Digital Corporation will post -0.68 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the transaction, the director owned 208,378 shares of the company’s stock, valued at $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the transaction, the director directly owned 184,859 shares in the company, valued at $6,466,367.82. The trade was a 5.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 over the last ninety days. 9.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC boosted its holdings in Applied Digital by 126.1% in the first quarter. Parallel Advisors LLC now owns 2,614 shares of the company’s stock valued at $62,000 after acquiring an additional 1,458 shares during the last quarter. Vestor Capital LLC purchased a new position in shares of Applied Digital in the 1st quarter worth about $98,000. Western Wealth Management LLC purchased a new position in shares of Applied Digital in the 1st quarter worth about $87,000. Janus Henderson Group PLC lifted its stake in shares of Applied Digital by 318.5% in the 1st quarter. Janus Henderson Group PLC now owns 785,152 shares of the company’s stock valued at $18,638,000 after purchasing an additional 597,548 shares in the last quarter. Finally, Amundi grew its holdings in shares of Applied Digital by 61.8% during the 1st quarter. Amundi now owns 31,327 shares of the company’s stock worth $744,000 after purchasing an additional 11,968 shares during the period. 65.67% of the stock is currently 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.