Applied Digital (NASDAQ:APLD) Stock Price Up 5.5% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shot up 5.5% during mid-day trading on Tuesday . The company traded as high as $24.30 and last traded at $24.24. 32,640,304 shares traded hands during trading, a decline of 7% from the average session volume of 35,171,672 shares. The stock had previously closed at $22.98.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. HC Wainwright lifted their price target on shares of Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, October 10th. Craig Hallum lifted their target price on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Needham & Company LLC restated a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a research note on Wednesday, October 29th. Finally, Lake Street Capital upped their price objective on Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, October 10th. One research 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Price Performance

The firm has a 50 day moving average price of $29.75 and a 200 day moving average price of $19.79. The stock has a market capitalization of $6.77 billion, a PE ratio of -21.45 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 results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The business had revenue of $64.22 million during the quarter, compared to analyst estimates of $52.25 million. During the same quarter in the previous year, the company posted ($0.15) earnings per share. Applied Digital’s revenue for the quarter was up 84.3% on a year-over-year basis. Research analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In related news, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of Applied Digital stock in a transaction on Friday, October 24th. The shares were sold at an average price of $34.08, for a total transaction of $3,408,000.00. Following the transaction, the chief financial officer owned 158,912 shares in the company, valued at approximately $5,415,720.96. The trade was a 38.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Chuck Hastings sold 50,000 shares of the stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $35.69, for a total value of $1,784,500.00. Following the completion of the sale, the director owned 451,612 shares of the company’s stock, valued at $16,118,032.28. The trade was a 9.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 328,035 shares of company stock valued at $11,376,479. 9.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in APLD. Larson Financial Group LLC grew its position in shares of Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock worth $26,000 after purchasing an additional 1,129 shares in the last quarter. Dagco Inc. purchased a new stake in Applied Digital during the 3rd quarter valued at approximately $27,000. Evolution Wealth Management Inc. grew its holdings in Applied Digital by 101.8% during the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock valued at $37,000 after buying an additional 807 shares in the last quarter. Allworth Financial LP raised its position in shares of Applied Digital by 70.0% during the third quarter. Allworth Financial LP now owns 1,746 shares of the company’s stock valued at $40,000 after buying an additional 719 shares during the last quarter. Finally, CoreCap Advisors LLC lifted its holdings in shares of Applied Digital by 124.9% in the third quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock worth $41,000 after buying an additional 1,002 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.