Applied Digital (NASDAQ:APLD) Stock Price Up 1.2% - Here's What Happened

Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s share price was up 1.2% during mid-day trading on Thursday . The stock traded as high as $11.15 and last traded at $11.06. Approximately 4,944,162 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 38,207,527 shares. The stock had previously closed at $10.93.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on APLD. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a report on Thursday, May 22nd. Cantor Fitzgerald cut their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Roth Capital restated a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. Finally, Compass Point upgraded Applied Digital from a "neutral" rating to a "buy" rating and set a $13.00 price objective for the company in a research note on Friday. Twelve research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $12.73.

Applied Digital Trading Down 1.8%

The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56. The company has a fifty day moving average of $9.99 and a 200-day moving average of $7.90. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -8.03 and a beta of 6.04.

Insiders Place Their Bets

In related news, Director Rachel H. Lee sold 24,212 shares of the company'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 value of $169,484.00. Following the transaction, the director directly owned 83,613 shares in the company, valued at approximately $585,291. This represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Several hedge funds have recently modified their holdings of APLD. Teacher Retirement System of Texas acquired a new stake in shares of Applied Digital during the 1st quarter worth about $139,000. Exchange Traded Concepts LLC increased its stake in Applied Digital by 4.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock valued at $5,856,000 after buying an additional 39,945 shares during the period. Register Financial Advisors LLC increased its stake in shares of Applied Digital by 26.2% during the first quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock worth $1,429,000 after acquiring an additional 52,700 shares during the period. Wells Fargo & Company MN grew its holdings in Applied Digital by 96.6% during the fourth quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock worth $917,000 after acquiring an additional 58,943 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after purchasing an additional 3,587,619 shares during the period. 65.67% of the stock is currently 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.