Applied Digital (NASDAQ:APLD) Stock Price Up 7.7% - Here's What Happened

Key Points

• Applied Digital shares rose 7.7% to $29.49 in mid-day trading, reaching as high as $30.10, with approximately 21.2 million shares traded.
• Analyst sentiment remains broadly positive: the stock has an average “Buy” rating and a consensus price target of $68.05, although ratings range from “Strong Buy” to “Sell.”
• The company’s latest quarter showed revenue growth of 406.3% to $240.35 million, but it reported an adjusted loss of $0.39 per share, missing estimates by $0.30.

Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s share price was up 7.7% during mid-day trading on Monday . The company traded as high as $30.10 and last traded at $29.49. Approximately 21,197,521 shares traded hands during trading, a decline of 14% from the average session volume of 24,538,846 shares. The stock had previously closed at $27.39.

Analyst Ratings Changes

A number of research firms have commented on APLD. Northland Securities set a $82.00 price target on shares of Applied Digital and gave the stock an "outperform" rating in a report on Wednesday, June 17th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Applied Digital in a report on Tuesday, July 21st. Citigroup reissued a "market outperform" rating on shares of Applied Digital in a research report on Monday. Morgan Stanley began coverage on Applied Digital in a research note on Thursday, July 23rd. They issued a "buy" rating and a $36.50 target price for the company. Finally, B. Riley Financial reaffirmed a "buy" rating and issued a $75.00 target price (up from $66.00) on shares of Applied Digital in a research report on Monday. Three research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Applied Digital has an average rating of "Buy" and a consensus price target of $68.05.

Applied Digital Price Performance

The stock has a market capitalization of $8.60 billion, a P/E ratio of -33.13 and a beta of 5.67. The business's 50 day simple moving average is $37.24 and its two-hundred day simple moving average is $34.31. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.30). The business had revenue of $240.35 million for the quarter, compared to the consensus estimate of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The company's revenue was up 406.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.24) earnings per share. As a group, sell-side analysts forecast that Applied Digital Corporation will post -0.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Albion Financial Group UT bought a new stake in Applied Digital in the 4th quarter worth about $25,000. Activest Wealth Management bought a new position in shares of Applied Digital during the 4th quarter worth approximately $25,000. Ameriflex Group Inc. purchased a new position in Applied Digital in the fourth quarter worth $25,000. McMillan Office Inc. bought a new stake in shares of Applied Digital during the 4th quarter worth $25,000. Finally, Larson Financial Group LLC boosted its holdings in shares of Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company's stock worth $26,000 after buying an additional 1,129 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

About Applied Digital

Applied Digital NASDAQ: APLD is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital's modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.

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