Applied Digital (NASDAQ:APLD) Shares Up 7.4% – Here’s What Happened
by Jessica Moore · The Cerbat GemShares of Applied Digital Corporation (NASDAQ:APLD – Get Free Report) were up 7.4% during mid-day trading on Monday . The stock traded as high as $30.68 and last traded at $30.20. Approximately 34,372,331 shares were traded during trading, a decline of 2% from the average daily volume of 34,913,523 shares. The stock had previously closed at $28.11.
Analysts Set New Price Targets
APLD has been the topic of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Applied Digital in a report on Wednesday, October 29th. Northland Securities restated an “outperform” rating and issued a $40.00 price target on shares of Applied Digital in a research note on Tuesday, December 30th. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a research note on Tuesday, December 30th. Lake Street Capital restated a “buy” rating and set a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Finally, Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Applied Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.
View Our Latest Report on APLD
Applied Digital Trading Up 7.4%
The firm has a 50 day moving average price of $27.49 and a two-hundred day moving average price of $21.28. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. The company has a market cap of $8.43 billion, a price-to-earnings ratio of -26.73 and a beta of 6.89.
Applied Digital (NASDAQ:APLD – Get Free Report) last released its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The firm had revenue of $64.22 million for the quarter, compared to analyst estimates of $52.25 million. During the same period last year, the firm earned ($0.15) earnings per share. The business’s quarterly revenue was up 84.3% compared to the same quarter last year. As a group, equities analysts forecast that Applied Digital Corporation will post -0.96 earnings per share for the current year.
Insider Transactions at Applied Digital
In other Applied Digital news, Director Ella G. Benson sold 42,569 shares of Applied Digital stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total transaction of $1,502,685.70. Following the transaction, the director directly owned 69,256 shares of the company’s stock, valued at approximately $2,444,736.80. This trade represents a 38.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 34,375 shares of the stock in a transaction on Friday, October 24th. The shares were sold at an average price of $33.23, for a total transaction of $1,142,281.25. Following the sale, the director directly owned 263,612 shares of the company’s stock, valued at $8,759,826.76. The trade was a 11.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 328,035 shares of company stock worth $11,376,479. Company insiders own 9.50% of the company’s stock.
Institutional Investors Weigh In On Applied Digital
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Corebridge Financial Inc. boosted its stake in Applied Digital by 2.0% during the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company’s stock valued at $546,000 after buying an additional 1,899 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Applied Digital by 84.8% in the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after acquiring an additional 8,692 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Applied Digital by 27.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,146,400 shares of the company’s stock worth $12,063,000 after buying an additional 462,527 shares during the period. NewEdge Advisors LLC lifted its holdings in Applied Digital by 239.1% during the 1st quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after buying an additional 23,457 shares in the last quarter. Finally, Scientech Research LLC purchased a new stake in Applied Digital in the 1st quarter valued at about $806,000. 65.67% of the stock is owned by hedge funds and other 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.