Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s share price was up 9% on Wednesday . The stock traded as high as $25.05 and last traded at $25.00. Approximately 23,465,333 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 36,316,410 shares. The stock had previously closed at $22.94.
Analysts Set New Price Targets
A number of analysts recently weighed in on APLD shares. Craig Hallum increased their price objective on Applied Digital from $12.00 to $23.00 and gave the company a "buy" rating in a report on Monday, August 18th. Compass Point began coverage on Applied Digital in a research report on Monday, September 15th. They issued a "buy" rating on the stock. JMP Securities raised their price objective on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. B. Riley lifted their price objective on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Finally, Lake Street Capital increased their target price on shares of Applied Digital from $14.00 to $18.00 and gave the company a "buy" rating in a research 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. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $15.64.
Get Our Latest Research Report on APLD
Applied Digital Price Performance
The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.77 and a current ratio of 0.77. The business has a 50 day moving average price of $16.23 and a 200-day moving average price of $10.69. The company has a market capitalization of $6.85 billion, a price-to-earnings ratio of -22.94 and a beta of 6.64.
Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate 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 quarter last year, the firm posted ($0.14) earnings per share. The firm's revenue was up 41.3% on a year-over-year basis. Research analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.
Insider Activity at Applied Digital
In other Applied Digital news, CEO Wes Cummins sold 400,000 shares of Applied Digital stock in a transaction on 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 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $1,144,500.00. Following the transaction, the chief financial officer owned 201,800 shares in the company, valued at $3,079,468. This represents a 27.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,250 shares of company stock worth $7,713,675 in the last quarter. Company insiders own 9.50% of the company's stock.
Institutional Trading of Applied Digital
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Ameriprise Financial Inc. grew its stake in Applied Digital by 40.6% in the fourth quarter. Ameriprise Financial Inc. now owns 61,629 shares of the company's stock valued at $471,000 after acquiring an additional 17,794 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Applied Digital by 271.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company's stock worth $2,623,000 after purchasing an additional 250,944 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in Applied Digital in the 4th quarter valued at $92,000. California State Teachers Retirement System increased its stake in Applied Digital by 65.6% during the 4th quarter. California State Teachers Retirement System now owns 162,561 shares of the company's stock valued at $1,242,000 after purchasing an additional 64,425 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Applied Digital by 1,237.4% during the first quarter. GAMMA Investing LLC now owns 9,576 shares of the company's stock worth $540,000 after buying an additional 8,860 shares during the last quarter. 65.67% of the stock is owned by institutional investors.
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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