Applied Digital (NASDAQ:APLD) Sees Strong Trading Volume After Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD) shares saw an uptick in trading volume on Wednesday after HC Wainwright raised their price target on the stock from $5.00 to $10.00. HC Wainwright currently has a buy rating on the stock. 7,403,553 shares were traded during trading, an increase of 11% from the previous session’s volume of 6,687,593 shares.The stock last traded at $8.22 and had previously closed at $7.30.

A number of other analysts also recently weighed in on APLD. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. B. Riley upped their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Finally, Lake Street Capital increased their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital has a consensus rating of “Buy” and a consensus target price of $10.50.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares in the company, valued at $1,201,783. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s 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 completion of the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 20.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC boosted its holdings in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares during the period. ARS Investment Partners LLC bought a new position in Applied Digital in the 2nd quarter valued at $60,000. Principal Financial Group Inc. bought a new position in Applied Digital in the 1st quarter valued at $50,000. Crumly & Associates Inc. bought a new position in Applied Digital in the 2nd quarter valued at $110,000. Finally, ICA Group Wealth Management LLC boosted its holdings in Applied Digital by 56.8% in the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after purchasing an additional 6,795 shares during the period. 65.67% of the stock is owned by institutional investors.

Applied Digital Stock Performance

The company’s fifty day simple moving average is $5.84 and its 200 day simple moving average is $4.88. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $1.09 billion, a P/E ratio of -10.06 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The firm had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same period last year, the firm earned ($0.10) EPS. The business’s quarterly revenue was up 67.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Applied Digital Co. will post -1.12 earnings per share for the current fiscal year.

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.