Applied Digital (NASDAQ:APLD) Stock Price Up 2.4% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD)’s share price traded up 2.4% during mid-day trading on Wednesday . The stock traded as high as $32.15 and last traded at $31.44. Approximately 18,070,540 shares were traded during mid-day trading, a decline of 28% from the average session volume of 24,983,770 shares. The stock had previously closed at $30.71.

Analyst Ratings Changes

APLD has been the subject of a number of recent research reports. B. Riley Financial restated a “buy” rating and issued a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Citizens Jmp increased their price target on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Finally, Roth Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a report on Thursday, April 23rd. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.56.

Applied Digital Stock Performance

The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The stock has a fifty day simple moving average of $41.64 and a 200-day simple moving average of $34.36. The company has a market capitalization of $8.90 billion, a P/E ratio of -42.09 and a beta of 5.67.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. During the same period in the previous year, the company posted ($0.08) EPS. The firm’s revenue for the quarter was up 139.3% compared to the same quarter last year. Equities analysts forecast that Applied Digital Corporation will post -0.7 EPS for the current year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital 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 in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred 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 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 35,000 shares of company stock worth $1,182,175 over the last ninety days. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of APLD. Newbridge Financial Services Group Inc. increased its position in Applied Digital by 8.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after purchasing an additional 300 shares during the period. Concurrent Investment Advisors LLC lifted its position in Applied Digital by 1.5% during the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after purchasing an additional 318 shares during the period. Brookstone Capital Management lifted its position in Applied Digital by 3.6% during the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after purchasing an additional 321 shares during the period. Independent Advisor Alliance boosted its stake in shares of Applied Digital by 4.6% in the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock valued at $226,000 after purchasing an additional 407 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Applied Digital by 28.5% during the second quarter. GAMMA Investing LLC now owns 2,092 shares of the company’s stock worth $78,000 after buying an additional 464 shares during the last quarter. 65.67% of the stock is owned by 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.