Applied Digital (NASDAQ:APLD) Trading 12.6% Higher on Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD)’s stock price rose 12.6% during mid-day trading 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. Applied Digital traded as high as $8.26 and last traded at $8.22. Approximately 7,403,553 shares traded hands during trading, an increase of 11% from the average daily volume of 6,687,593 shares. The stock had previously closed at $7.30.

A number of other research firms have also weighed in on APLD. Lake Street Capital boosted their target price 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. B. Riley boosted their target price 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 reissued a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $10.50.

Insider Buying and Selling

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 218,506 shares in the company, valued at $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction 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. The trade was 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 Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Vanguard Group Inc. increased its stake in Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after buying an additional 2,547,485 shares during the last quarter. Van ECK Associates Corp increased its stake in Applied Digital by 92.1% in the 1st quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock valued at $10,384,000 after buying an additional 1,163,247 shares during the last quarter. Hood River Capital Management LLC increased its stake 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. Alight Capital Management LP acquired a new stake in Applied Digital in the 2nd quarter valued at $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Applied Digital by 69.3% in 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 buying an additional 536,948 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Stock Down 1.2 %

The firm’s 50 day simple moving average is $5.84 and its 200-day simple moving average is $4.88. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -10.06 and a beta of 4.56. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same quarter last year, the firm posted ($0.10) EPS. The company’s quarterly revenue was up 67.2% on a year-over-year basis. Equities analysts expect 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.