Applied Digital (NASDAQ:APLD) Stock Price Up 4.8% - What's Next?

Key Points

• Applied Digital's stock price rose by 4.8% to $35.90 during mid-day trading, with a trading volume decline of 34% compared to its average.
• Analysts have mixed ratings on the stock, with Citigroup rating it "outperform" while others, such as Weiss Ratings, have a "sell" rating; the average target price currently stands at $22.10.
• The company reported a revenue of $38.01 million for the quarter, which is below the consensus estimate of $52.25 million, and posted an EPS of ($0.03), beating expectations.

Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s stock price rose 4.8% during mid-day trading on Monday . The stock traded as high as $36.35 and last traded at $35.90. Approximately 24,121,777 shares were traded during trading, a decline of 34% from the average daily volume of 36,701,715 shares. The stock had previously closed at $34.24.

Wall Street Analyst Weigh In

APLD has been the topic of several research reports. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a report on Thursday, October 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Applied Digital in a research report on Wednesday, October 8th. HC Wainwright upped their target price on shares of Applied Digital from $20.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, October 10th. Northland Securities upped their target price on shares of Applied Digital to $40.00 and gave the company an "outperform" rating in a research report on Friday, October 10th. Finally, Wall Street Zen cut Applied Digital from a "hold" rating to a "sell" rating in a research note on Sunday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $22.10.

Applied Digital Price Performance

The firm has a market cap of $10.04 billion, a price-to-earnings ratio of -31.77 and a beta of 6.77. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29. The company has a 50 day moving average of $21.48 and a 200 day moving average of $13.14.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.08. The business had revenue of $38.01 million for the quarter, compared to the consensus estimate of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The firm's revenue was up 84.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.15) EPS. Equities research analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital 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 sale, the director owned 297,987 shares of the company's stock, valued at $4,547,281.62. This trade represents a 6.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Wes Cummins sold 400,000 shares of Applied Digital stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $6,104,000.00. Following the completion of the sale, the chief executive officer directly owned 2,659,379 shares in the company, valued at $40,582,123.54. This represents a 13.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,250 shares of company stock valued at $7,713,675 in the last 90 days. 9.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC grew its holdings in shares of Applied Digital by 51.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,306 shares of the company's stock valued at $53,000 after acquiring an additional 787 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Applied Digital in the 2nd quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Applied Digital in the 2nd quarter valued at about $26,000. Ameriflex Group Inc. bought a new position in shares of Applied Digital in the 2nd quarter valued at about $42,000. Finally, PNC Financial Services Group Inc. bought a new position in shares of Applied Digital in the 1st quarter valued at about $28,000. Institutional investors own 65.67% of the company's stock.

About Applied Digital

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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