Applied Digital (NASDAQ:APLD) Shares Up 2.7% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) shares shot up 2.7% during trading on Thursday . The stock traded as high as $47.79 and last traded at $46.71. 16,272,386 shares traded hands during trading, a decline of 38% from the average session volume of 26,452,074 shares. The stock had previously closed at $45.48.

Analyst Ratings Changes

Several research firms have commented on APLD. Citizens Jmp reissued a “market outperform” rating and set a $40.00 price objective on shares of Applied Digital in a report on Thursday, April 9th. Northland Securities set a $56.00 price objective on shares of Applied Digital in a report on Wednesday, January 28th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.33.

Applied Digital Trading Up 2.7%

The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The stock’s fifty day moving average is $30.24 and its 200 day moving average is $30.43. The stock has a market cap of $13.35 billion, a P/E ratio of -63.12 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The business had revenue of $108.55 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the business posted ($0.08) EPS. As a group, equities research analysts predict that Applied Digital Corporation will post -0.61 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the firm’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 sale, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Sei Investments Co. lifted its stake in shares of Applied Digital by 33.0% during the first quarter. Sei Investments Co. now owns 1,093,701 shares of the company’s stock worth $25,964,000 after buying an additional 271,618 shares during the period. Cannon Capital Management Inc. lifted its stake in shares of Applied Digital by 1.0% during the first quarter. Cannon Capital Management Inc. now owns 149,809 shares of the company’s stock worth $3,556,000 after buying an additional 1,546 shares during the period. Hollencrest Capital Management lifted its stake in shares of Applied Digital by 11.3% during the first quarter. Hollencrest Capital Management now owns 25,279 shares of the company’s stock worth $600,000 after buying an additional 2,575 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of Applied Digital during the first quarter worth $1,970,000. Finally, Parallel Advisors LLC lifted its position in Applied Digital by 126.1% during the first quarter. Parallel Advisors LLC now owns 2,614 shares of the company’s stock valued at $62,000 after purchasing an additional 1,458 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.

About Applied Digital

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.