Applied Digital (NASDAQ:APLD) Stock Price Up 8.8% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s share price shot up 8.8% during mid-day trading on Monday . The company traded as high as $10.20 and last traded at $9.91. 10,384,714 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 12,983,253 shares. The stock had previously closed at $9.11.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on APLD. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Lake Street Capital lifted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. HC Wainwright lifted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Finally, Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $11.14.

Applied Digital Stock Performance

The company has a market cap of $2.05 billion, a PE ratio of -8.30 and a beta of 4.78. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm’s 50-day simple moving average is $8.50 and its two-hundred day simple moving average is $6.80.

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

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. The trade was a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 359,369 shares of company stock worth $3,115,161 over the last 90 days. 11.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Applied Digital in the third quarter valued at approximately $59,000. Headlands Technologies LLC increased its position in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares in the last quarter. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Applied Digital in the third quarter valued at approximately $83,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital in the third quarter valued at approximately $88,000. Finally, Chesapeake Capital Corp IL purchased a new stake in shares of Applied Digital in the third quarter valued at approximately $94,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.