Applied Digital (NASDAQ:APLD) Shares Up 6.4% - What's Next?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price shot up 6.4% during mid-day trading on Thursday . The stock traded as high as $12.82 and last traded at $12.82. 37,928,269 shares changed hands during trading, a decline of 3% from the average session volume of 39,048,250 shares. The stock had previously closed at $12.05.

Analysts Set New Price Targets

Several brokerages have recently issued reports on APLD. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Monday, June 2nd. Compass Point reissued a "neutral" rating and issued a $13.00 price objective (up previously from $10.00) on shares of Applied Digital in a report on Monday, June 9th. JMP Securities lifted their price objective on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a report on Tuesday, June 3rd. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a report on Thursday, May 22nd. Finally, Craig Hallum lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $12.73.

Applied Digital Stock Performance

The business has a fifty day simple moving average of $6.83 and a two-hundred day simple moving average of $7.62. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a market cap of $2.52 billion, a P/E ratio of -6.46 and a beta of 6.08.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The company had revenue of $52.92 million during the quarter, compared to analysts' expectations of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same quarter in the previous year, the company earned ($0.24) EPS. On average, sell-side analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the transaction, the director now owns 83,613 shares in the company, valued at $585,291. This trade represents a 22.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several institutional investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its stake in shares of Applied Digital by 7.8% during the 1st quarter. Rhumbline Advisers now owns 279,191 shares of the company's stock worth $1,569,000 after acquiring an additional 20,299 shares during the last quarter. Strs Ohio bought a new stake in shares of Applied Digital during the 1st quarter worth approximately $71,000. Wealth Management Associates Inc. lifted its stake in shares of Applied Digital by 25.5% during the 1st quarter. Wealth Management Associates Inc. now owns 95,660 shares of the company's stock worth $538,000 after acquiring an additional 19,450 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after acquiring an additional 3,542 shares during the last quarter. Finally, Arete Wealth Advisors LLC lifted its stake in shares of Applied Digital by 117.0% during the 1st quarter. Arete Wealth Advisors LLC now owns 1,065,432 shares of the company's stock worth $5,988,000 after acquiring an additional 574,485 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

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.