Applied Digital (NASDAQ:APLD) Stock Price Up 4%

Applied Digital Co. (NASDAQ:APLD) traded up 4% during mid-day trading on Thursday . The stock traded as high as $8.61 and last traded at $8.52. 1,314,564 shares were traded during trading, a decline of 80% from the average session volume of 6,418,002 shares. The stock had previously closed at $8.19.

Wall Street Analysts Forecast Growth

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

Applied Digital Stock Down 1.0 %

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 company has a market cap of $1.11 billion, a P/E ratio of -10.16 and a beta of 4.51. The stock has a 50 day moving average price of $5.12 and a 200 day moving average price of $4.64.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate 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 business had revenue of $43.70 million during the quarter, compared to the consensus estimate of $42.70 million. During the same quarter last year, the firm posted ($0.07) earnings per share. Research analysts expect that Applied Digital Co. will post -1.12 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds and other institutional investors have recently modified their holdings of APLD. Capital Research Global Investors increased its stake in Applied Digital by 427.2% in the 4th 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 during the period. Vanguard Group Inc. increased its stake in shares of Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after acquiring an additional 2,547,485 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Applied Digital by 92.1% during the first quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock worth $10,384,000 after acquiring an additional 1,163,247 shares in the last quarter. Hood River Capital Management LLC boosted its position in Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares during the last quarter. Finally, Alight Capital Management LP purchased a new position in Applied Digital in the second quarter valued at about $3,570,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.