Applied Digital (NASDAQ:APLD) Trading 3.1% Higher - Here's What Happened

Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s share price rose 3.1% during mid-day trading on Wednesday . The company traded as high as $10.24 and last traded at $10.06. Approximately 9,607,903 shares were traded during trading, a decline of 75% from the average daily volume of 39,118,070 shares. The stock had previously closed at $9.76.

Analysts Set New Price Targets

A number of equities research analysts recently commented on APLD shares. Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a research report on Thursday, May 22nd. Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Citigroup restated an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Monday, June 2nd. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $12.73.

Applied Digital Stock Down 1.0%

The firm's 50 day moving average is $8.35 and its 200-day moving average is $7.72. The firm has a market cap of $2.35 billion, a PE ratio of -7.63 and a beta of 6.04. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. The business had revenue of $52.92 million for the quarter, compared to analysts' expectations of $62.91 million. During the same quarter last year, the company posted ($0.24) earnings per share. As a group, equities research analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of Applied Digital 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 transaction, the director owned 83,613 shares in the company, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.81% of the company's stock.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently made changes to their positions in the business. Situational Awareness LP purchased a new position in Applied Digital in the first quarter valued at about $22,680,000. Vanguard Group Inc. lifted its stake in shares of Applied Digital by 39.1% during the fourth 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 in the last quarter. Tidal Investments LLC boosted its position in shares of Applied Digital by 14,635.7% in the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock worth $12,972,000 after buying an additional 1,686,328 shares during the period. American Century Companies Inc. purchased a new stake in shares of Applied Digital during the 4th quarter valued at about $12,843,000. Finally, Geode Capital Management LLC raised its holdings in shares of Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock valued at $36,117,000 after buying an additional 1,665,335 shares during the period. Institutional investors and hedge funds 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.