Applied Digital Corporation (NASDAQ:APLD - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $13.91, but opened at $14.77. Applied Digital shares last traded at $14.27, with a volume of 9,316,074 shares.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the company. HC Wainwright raised their target price on Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, August 25th. Roth Capital reissued a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Craig Hallum upped their target price on Applied Digital from $12.00 to $23.00 and gave the company a "buy" rating in a report on Monday, August 18th. Finally, Compass Point upgraded shares of Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 price target for the company in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $15.64.
Get Our Latest Stock Analysis on APLD
Applied Digital Stock Performance
The stock has a fifty day moving average price of $12.90 and a 200 day moving average price of $9.23. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.36. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of -13.22 and a beta of 6.65.
Applied Digital (NASDAQ:APLD - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.12). Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The firm had revenue of $38.01 million during the quarter, compared to analysts' expectations of $42.86 million. During the same quarter in the prior year, the business earned ($0.14) earnings per share. The company's revenue was up 41.3% on a year-over-year basis. As a group, analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current year.
Insider Activity at Applied Digital
In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $305,200.00. Following the transaction, the director directly owned 297,987 shares in the company, valued at approximately $4,547,281.62. The trade was a 6.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Wes Cummins sold 400,000 shares of the business's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $6,104,000.00. Following the transaction, the chief executive officer directly owned 2,659,379 shares of the company's stock, valued at $40,582,123.54. This represents a 13.07% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 506,250 shares of company stock worth $7,713,675. 11.81% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in APLD. Atlantic Union Bankshares Corp acquired a new position in shares of Applied Digital during the second quarter worth approximately $25,000. Northwestern Mutual Wealth Management Co. bought a new stake in Applied Digital in the 2nd quarter valued at $26,000. PNC Financial Services Group Inc. bought a new stake in Applied Digital in the 1st quarter valued at $28,000. Geneos Wealth Management Inc. grew its position in Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after purchasing an additional 3,542 shares during the last quarter. Finally, Ameriflex Group Inc. bought a new position in shares of Applied Digital during the 2nd quarter worth about $42,000. 65.67% of the stock is owned by institutional investors.
About Applied Digital
(
Get Free Report)
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.
Further Reading
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