Applied Digital (NASDAQ:APLD) Shares Up 3.5% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) rose 3.5% during mid-day trading on Monday . The company traded as high as $24.97 and last traded at $24.90. Approximately 11,128,106 shares were traded during trading, a decline of 68% from the average daily volume of 34,739,969 shares. The stock had previously closed at $24.05.

Analysts Set New Price Targets

APLD has been the topic of several recent analyst reports. HC Wainwright upped their price objective on shares of Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 10th. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Craig Hallum lifted their price objective on Applied Digital to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. B. Riley reissued a “buy” rating on shares of Applied Digital in a research note on Wednesday, October 22nd. Finally, Northland Securities raised their target price on Applied Digital to $40.00 and gave the company an “outperform” rating in a report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $26.20.

Applied Digital Stock Performance

The stock’s 50-day simple moving average is $28.37 and its 200 day simple moving average is $20.66. The company has a market capitalization of $6.93 billion, a PE ratio of -21.95 and a beta of 6.95. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.08. The business had revenue of $64.22 million during the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The company’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.15) EPS. As a group, research analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,213 shares of the stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $33.20, for a total value of $803,871.60. Following the transaction, the director directly owned 59,400 shares in the company, valued at $1,972,080. This represents a 28.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 9,375 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $35.91, for a total transaction of $336,656.25. Following the sale, the director directly owned 249,237 shares in the company, valued at approximately $8,950,100.67. The trade was a 3.63% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 328,035 shares of company stock worth $11,376,479. 9.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC increased 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. acquired a new stake in shares of Applied Digital in the 3rd quarter valued at about $27,000. Evolution Wealth Management Inc. grew its stake in Applied Digital by 101.8% during the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after buying an additional 807 shares during the last quarter. Allworth Financial LP grew its stake in Applied Digital by 70.0% during the 3rd quarter. Allworth Financial LP now owns 1,746 shares of the company’s stock worth $40,000 after buying an additional 719 shares during the last quarter. Finally, CoreCap Advisors LLC increased its position in Applied Digital by 124.9% during 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 during the period. 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.