Applied Digital (NASDAQ:APLD) Stock Price Up 2.7% – Here’s Why

Shares of Applied Digital Corporation (NASDAQ:APLD) rose 2.7% during trading on Thursday . The stock traded as high as $33.56 and last traded at $32.29. 16,491,720 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 24,907,971 shares. The stock had previously closed at $31.44.

Analyst Upgrades and Downgrades

Several research firms have issued reports on APLD. Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Zacks Research downgraded shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Craig Hallum upped their target price on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Northland Securities set a $82.00 target price on shares of Applied Digital and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. Finally, Compass Point reiterated a “buy” rating and set a $70.00 target price on shares of Applied Digital in a research report on Friday, May 22nd. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $70.56.

Applied Digital Stock Performance

The stock has a 50-day moving average of $41.64 and a 200 day moving average of $34.33. The firm has a market capitalization of $9.23 billion, a P/E ratio of -43.63 and a beta of 5.67. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. During the same period in the prior year, the firm posted ($0.08) EPS. Applied Digital’s revenue for the quarter was up 139.3% compared to the same quarter last year. On average, research analysts anticipate that Applied Digital Corporation will post -0.7 earnings per share for the current year.

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction dated 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 owned 208,378 shares in the company, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by corporate insiders.

Institutional Trading of Applied Digital

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC lifted its position in Applied Digital by 84.8% during the 1st quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after purchasing an additional 8,692 shares during the period. NewEdge Advisors LLC grew its position in shares of Applied Digital by 239.1% during the 1st quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock worth $187,000 after buying an additional 23,457 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after buying an additional 3,542 shares during the period. Strs Ohio bought a new stake in shares of Applied Digital during the first quarter worth approximately $71,000. Finally, Cetera Investment Advisers raised its stake in shares of Applied Digital by 61.0% during the second quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock worth $621,000 after buying an additional 23,360 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

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.