Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s share price traded up 19.4% during mid-day trading on Monday . The company traded as high as $24.85 and last traded at $24.45. 48,992,365 shares were traded during mid-day trading, an increase of 33% from the average session volume of 36,701,078 shares. The stock had previously closed at $20.48.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the company. Compass Point initiated coverage on Applied Digital in a report on Monday, September 15th. They issued a "buy" rating for the company. B. Riley boosted their price objective on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Needham & Company LLC boosted their price objective on Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. HC Wainwright boosted their price objective on Applied Digital from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, August 25th. Finally, Lake Street Capital boosted their price objective on Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $15.64.
Read Our Latest Report on APLD
Applied Digital Trading Down 2.4%
The business has a 50 day moving average price of $14.78 and a 200 day moving average price of $10.03. 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 company has a market capitalization of $6.43 billion, a P/E ratio of -21.90 and a beta of 6.65.
Applied Digital (NASDAQ:APLD - Get Free Report) last posted 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 business had revenue of $38.01 million during the quarter, compared to analysts' expectations of $42.86 million. During the same period in the prior year, the business earned ($0.14) EPS. Applied Digital's revenue for the quarter was up 41.3% compared to the same quarter last year. Analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current year.
Insider Buying and Selling
In related news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $305,200.00. Following the completion of the sale, the director directly owned 297,987 shares of the company's stock, valued at approximately $4,547,281.62. This represents a 6.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wes Cummins sold 400,000 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 2,659,379 shares of the company's stock, valued at approximately $40,582,123.54. The trade was a 13.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 506,250 shares of company stock valued at $7,713,675. 11.81% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Applied Digital
A number of large investors have recently bought and sold shares of the company. Osaic Holdings Inc. boosted its position in Applied Digital by 48.4% during the 2nd quarter. Osaic Holdings Inc. now owns 40,734 shares of the company's stock worth $410,000 after acquiring an additional 13,294 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in Applied Digital during the 2nd quarter worth approximately $2,062,000. Marex Group plc acquired a new position in Applied Digital during the 2nd quarter worth approximately $383,000. Advisory Services Network LLC acquired a new position in Applied Digital during the 2nd quarter worth approximately $894,000. Finally, Tactive Advisors LLC acquired a new position in Applied Digital during the 2nd quarter worth approximately $1,695,000. Institutional investors and hedge funds own 65.67% of the company's stock.
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.
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