Applied Digital (NASDAQ:APLD) Shares Up 7.5% - Here's What Happened

Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded up 7.5% during trading on Thursday . The stock traded as high as $7.58 and last traded at $7.29. 19,191,319 shares traded hands during trading, a decline of 37% from the average session volume of 30,287,570 shares. The stock had previously closed at $6.78.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Needham & Company LLC restated a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a report on Wednesday, April 23rd. Cantor Fitzgerald cut their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Citizens Jmp raised Applied Digital to a "strong-buy" rating and set a $12.00 price objective on the stock in a research report on Thursday. HC Wainwright lowered their target price on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Finally, Northland Securities boosted their target price on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $10.91.

Applied Digital Trading Down 1.6%

The company has a 50-day moving average price of $5.56 and a two-hundred day moving average price of $7.41. The stock has a market cap of $1.65 billion, a P/E ratio of -4.25 and a beta of 5.98. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

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

Insider Transactions at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director now owns 83,613 shares in the company, valued at approximately $585,291. The trade was a 22.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in APLD. PNC Financial Services Group Inc. acquired a new stake in Applied Digital during the 1st quarter worth approximately $28,000. Wilmington Savings Fund Society FSB boosted its holdings in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new position in Applied Digital in the fourth quarter valued at $36,000. US Bancorp DE acquired a new position in shares of Applied Digital during the fourth quarter worth about $37,000. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Applied Digital by 113.3% during the first 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 in the last quarter. 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.