Applied Digital (NASDAQ:APLD) Shares Up 4.3%

Shares of Applied Digital Co. (NASDAQ:APLD) were up 4.3% during trading on Monday . The company traded as high as $6.30 and last traded at $6.28. Approximately 1,235,151 shares changed hands during trading, a decline of 80% from the average daily volume of 6,080,306 shares. The stock had previously closed at $6.02.

Analyst Ratings Changes

Several research analysts have commented on APLD shares. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday, September 9th. B. Riley boosted their target price on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Roth Mkm reiterated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, September 5th. Finally, HC Wainwright reissued a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and an average price target of $8.40.

Applied Digital Stock Performance

The business has a fifty day simple moving average of $4.79 and a 200-day simple moving average of $4.45. The firm has a market cap of $926.16 million, a P/E ratio of -8.06 and a beta of 4.51. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). The company had revenue of $43.70 million during the quarter, compared to analysts’ expectations of $42.70 million. Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. During the same period in the prior year, the company posted ($0.07) earnings per share. On average, sell-side analysts predict that Applied Digital Co. will post -1.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. purchased a new position in shares of Applied Digital during the 2nd quarter valued at about $1,451,000. B. Riley Wealth Advisors Inc. increased its holdings in shares of Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after purchasing an additional 308,223 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Applied Digital by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after buying an additional 7,517 shares in the last quarter. Alight Capital Management LP bought a new stake in Applied Digital in the 2nd quarter worth approximately $3,570,000. Finally, Marshall Wace LLP purchased a new stake in shares of Applied Digital during the 2nd quarter worth approximately $720,000. Institutional investors 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.