Applied Digital (NASDAQ:APLD) Sees Unusually-High Trading Volume After Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD) saw unusually-strong trading volume on Friday after B. Riley raised their price target on the stock from $8.00 to $9.00. B. Riley currently has a buy rating on the stock. Approximately 4,035,929 shares were traded during trading, a decline of 31% from the previous session’s volume of 5,843,025 shares.The stock last traded at $6.41 and had previously closed at $6.02.

APLD has been the subject of a number of other reports. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note 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. Finally, HC Wainwright reiterated a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $8.40.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was 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 $1,201,783. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after purchasing an additional 3,182 shares during the last quarter. ICA Group Wealth Management LLC raised its stake in Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after buying an additional 6,795 shares during the period. Headlands Technologies LLC increased its holdings in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares in the last quarter. The Manufacturers Life Insurance Company increased 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 worth $224,000 after purchasing an additional 7,517 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of Applied Digital by 6.9% in the fourth 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. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Trading Up 1.2 %

The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The firm has a fifty day moving average price of $4.81 and a 200-day moving average price of $4.39. The company has a market capitalization of $835.60 million, a P/E ratio of -7.71 and a beta of 4.51.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. The company had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. During the same period last year, the business posted ($0.07) earnings per share. On average, equities research analysts anticipate that Applied Digital Co. will post -1.02 earnings per share for the current year.

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.