Applied Digital (NASDAQ:APLD) Trading Up 5.1% – Here’s What Happened

29 Nov 2024, 12:20 by Scott Moore · The Cerbat Gem

Shares of Applied Digital Co. (NASDAQ:APLD – Get Free Report) were up 5.1% during mid-day trading on Friday . The company traded as high as $10.20 and last traded at $10.15. Approximately 2,481,360 shares changed hands during trading, a decline of 69% from the average daily volume of 7,914,301 shares. The stock had previously closed at $9.66.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on APLD shares. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Friday, November 1st. Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, B. Riley boosted their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $10.50.

View Our Latest Report on APLD

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -8.88 and a beta of 4.65. The firm’s 50 day moving average is $7.89 and its 200-day moving average is $5.95.

Applied Digital (NASDAQ:APLD – Get Free Report) last released its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.10) EPS. Sell-side analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the transaction, the director now owns 384,317 shares in the company, valued at approximately $2,886,220.67. This represents a 4.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,369 shares of company stock valued at $870,161 over the last three months. 11.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. Vanguard Group Inc. grew its stake in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after buying an additional 2,547,485 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after acquiring an additional 3,182 shares during the last quarter. California State Teachers Retirement System increased its holdings in Applied Digital by 14.1% during the 1st quarter. California State Teachers Retirement System now owns 91,086 shares of the company’s stock valued at $390,000 after purchasing an additional 11,288 shares in the last quarter. Register Financial Advisors LLC raised its position in Applied Digital by 29.2% in the 2nd quarter. Register Financial Advisors LLC now owns 417,800 shares of the company’s stock valued at $2,486,000 after purchasing an additional 94,400 shares during the last quarter. Finally, ARS Investment Partners LLC acquired a new position in Applied Digital in the second quarter worth $60,000. 65.67% of the stock is owned by institutional investors.

Applied Digital Company Profile

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