Applied Digital (NASDAQ:APLD) Stock Price Up 2.1% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD)’s share price was up 2.1% on Tuesday . The company traded as high as $34.86 and last traded at $32.77. Approximately 31,434,617 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 35,321,684 shares. The stock had previously closed at $32.11.

Wall Street Analyst Weigh In

Several research firms recently issued reports on APLD. Craig Hallum lifted their price objective on Applied Digital to $39.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Northland Securities lifted their price target on Applied Digital to $40.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Applied Digital in a research report on Wednesday, October 29th. HC Wainwright increased their price objective on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Finally, Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Applied Digital presently has an average rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Stock Down 0.7%

The firm’s fifty day simple moving average is $29.82 and its two-hundred day simple moving average is $19.37. The company has a market capitalization of $8.59 billion, a price-to-earnings ratio of -27.22 and a beta of 6.94. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. The firm had revenue of $64.22 million for the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The firm’s quarterly revenue was up 84.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.15) earnings per share. Sell-side analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Transactions at Applied Digital

In other news, Director Ella G. Benson sold 42,569 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total value of $1,502,685.70. Following the sale, the director directly owned 69,256 shares of the company’s stock, valued at approximately $2,444,736.80. The trade was a 38.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Chuck Hastings sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $34.27, for a total transaction of $856,750.00. Following the completion of the transaction, the director owned 426,612 shares in the company, valued at approximately $14,619,993.24. This represents a 5.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 328,035 shares of company stock worth $11,376,479 in the last 90 days. Insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Institutional investors have recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp acquired a new position in Applied Digital during the second quarter worth $25,000. Larson Financial Group LLC raised its holdings in shares of Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after buying an additional 1,129 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in Applied Digital during the 2nd quarter worth about $26,000. Dagco Inc. acquired a new position in Applied Digital during the 3rd quarter worth about $27,000. Finally, PNC Financial Services Group Inc. purchased a new position in Applied Digital during the 1st quarter valued at about $28,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.