Applied Digital (NASDAQ:APLD) Stock Price Up 5.9% - Here's Why

Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s share price shot up 5.9% on Tuesday . The stock traded as high as $10.53 and last traded at $10.45. 13,422,372 shares were traded during trading, a decline of 66% from the average session volume of 39,190,973 shares. The stock had previously closed at $9.87.

Analyst Ratings Changes

Several research firms have recently issued reports on APLD. HC Wainwright increased their price target on Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Compass Point reissued a "neutral" rating and set a $13.00 target price (up previously from $10.00) on shares of Applied Digital in a research note on Monday, June 9th. JMP Securities boosted their price target on shares of Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. Cantor Fitzgerald decreased their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Finally, Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $12.73.

Applied Digital Stock Performance

The stock has a market cap of $2.35 billion, a price-to-earnings ratio of -7.61 and a beta of 6.08. The company's 50-day simple moving average is $7.85 and its 200-day simple moving average is $7.68. 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 issued its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. Analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the transaction, the director now directly owns 83,613 shares in the company, valued at $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Large investors have recently made changes to their positions in the company. US Bancorp DE purchased a new position in Applied Digital during the 4th quarter worth approximately $37,000. PNC Financial Services Group Inc. purchased a new position in shares of Applied Digital during the first quarter valued at $28,000. Jones Financial Companies Lllp acquired a new position in Applied Digital during the fourth quarter valued at $39,000. Amalgamated Bank raised its position in Applied Digital by 113.3% during the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after buying an additional 3,473 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after acquiring an additional 3,542 shares in the last quarter. 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.