Applied Digital (NASDAQ:APLD) Trading 6.1% Higher

Applied Digital Co. (NASDAQ:APLD) traded up 6.1% during trading on Tuesday . The stock traded as high as $6.30 and last traded at $6.25. 6,071,688 shares were traded during mid-day trading, an increase of 3% from the average session volume of 5,898,710 shares. The stock had previously closed at $5.89.

Analyst Ratings Changes

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

Applied Digital Stock Down 8.4 %

The stock has a market cap of $762.88 million, a P/E ratio of -7.04 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. The business has a 50-day simple moving average of $4.79 and a 200-day simple moving average of $4.43.

Applied Digital (NASDAQ:APLD) last issued its quarterly 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). 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 for the quarter, compared to analyst estimates of $42.70 million. During the same quarter last year, the firm earned ($0.07) earnings per share. Analysts expect that Applied Digital Co. will post -1.02 EPS for the current year.

Insider Transactions at Applied Digital

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Oasis Management Co Ltd. raised its stake in shares of Applied Digital by 23.6% in the fourth quarter. Oasis Management Co Ltd. now owns 4,928,129 shares of the company’s stock valued at $33,216,000 after purchasing an additional 940,075 shares in the last quarter. Woodmont Investment Counsel LLC raised its stake in Applied Digital by 4.2% during the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock worth $1,071,000 after acquiring an additional 10,149 shares in the last quarter. Jump Financial LLC acquired a new position in Applied Digital during the fourth quarter worth $107,000. Vanguard Group Inc. raised its stake in Applied Digital by 70.2% during 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 in the last quarter. Finally, Register Financial Advisors LLC raised its stake in Applied Digital by 74.0% during the first quarter. Register Financial Advisors LLC now owns 323,400 shares of the company’s stock worth $1,384,000 after acquiring an additional 137,500 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.