Applied Digital (NASDAQ:APLD) Hits New 52-Week High at $8.71

Applied Digital Co. (NASDAQ:APLD) reached a new 52-week high during trading on Friday . The company traded as high as $8.71 and last traded at $8.69, with a volume of 5388641 shares trading hands. The stock had previously closed at $8.25.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $5.00 target price on shares of Applied Digital in a report on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a report on Monday, September 9th. Roth Mkm restated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a report on Thursday, September 5th. Finally, B. Riley raised their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $8.40.

Applied Digital Stock Up 3.8 %

The business’s 50 day moving average is $4.88 and its 200 day moving average is $4.53. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -11.06 and a beta of 4.51.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. The firm had revenue of $43.70 million during the quarter, compared to analyst estimates of $42.70 million. During the same period in the prior year, the business posted ($0.07) EPS. Equities analysts expect that Applied Digital Co. will post -1.12 earnings per share for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

Several institutional investors have recently made changes to their positions in APLD. Swiss National Bank boosted its position in shares of Applied Digital by 6.9% during the 4th quarter. Swiss National Bank now owns 146,600 shares of the company’s stock valued at $988,000 after acquiring an additional 9,500 shares in the last quarter. Jump Financial LLC acquired a new position in Applied Digital in the fourth quarter valued at about $107,000. Capstone Investment Advisors LLC acquired a new position in Applied Digital in the fourth quarter valued at about $78,000. Redmond Asset Management LLC boosted its position in Applied Digital by 118.5% in the fourth quarter. Redmond Asset Management LLC now owns 221,638 shares of the company’s stock valued at $1,494,000 after buying an additional 120,195 shares in the last quarter. Finally, Capital Research Global Investors boosted its position in Applied Digital by 427.2% in the fourth quarter. Capital Research Global Investors now owns 7,337,288 shares of the company’s stock valued at $49,453,000 after buying an additional 5,945,559 shares in the last quarter. 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.