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

Applied Digital Co. (NASDAQ:APLD) shares saw an uptick in trading volume on Thursday after Lake Street Capital raised their price target on the stock from $7.00 to $11.00. Lake Street Capital currently has a buy rating on the stock. 6,229,477 shares were traded during mid-day trading, a decline of 5% from the previous session’s volume of 6,563,512 shares.The stock last traded at $7.11 and had previously closed at $7.40.

Several other research firms have also issued reports on APLD. B. Riley increased their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Thursday. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday. HC Wainwright reissued a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a report on Thursday, August 29th. Finally, Craig Hallum upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $9.67.

Insider Transactions at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Thursday, September 5th. The stock was 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 $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of APLD. Hood River Capital Management LLC boosted its position in Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after buying an additional 771,699 shares during the last quarter. Vanguard Group Inc. increased its position in 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 purchasing an additional 2,547,485 shares during the period. Van ECK Associates Corp raised its holdings in Applied Digital by 18.3% during the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after purchasing an additional 443,699 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Applied Digital by 69.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock valued at $5,614,000 after purchasing an additional 536,948 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of Applied Digital by 66.1% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after purchasing an additional 308,223 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Performance

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 $945.37 million, a price-to-earnings ratio of -8.72 and a beta of 4.56. The firm’s 50-day moving average price is $5.48 and its 200 day moving average price is $4.77.

Applied Digital (NASDAQ:APLD) last issued its 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 net margin of 88.95% and a negative return on equity of 111.80%. The business had revenue of $43.70 million for the quarter, compared to the consensus estimate of $42.70 million. During the same quarter in the previous year, the firm posted ($0.07) EPS. On average, sell-side analysts anticipate that Applied Digital Co. will post -1.12 EPS 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.