Applied Digital (NASDAQ:APLD) Stock Price Up 9% – Here’s What Happened

Applied Digital Co. (NASDAQ:APLD)’s stock price rose 9% during trading on Monday . The stock traded as high as $9.75 and last traded at $9.70. Approximately 5,671,161 shares changed hands during trading, a decline of 32% from the average daily volume of 8,336,955 shares. The stock had previously closed at $8.90.

Analyst Ratings Changes

APLD has been the subject of several research analyst reports. Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Lake Street Capital upped their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. HC Wainwright increased their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. 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 note on Friday, September 13th. Finally, Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $10.50.

Applied Digital Trading Up 9.2 %

The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The company has a 50 day moving average of $8.31 and a two-hundred day moving average of $6.39. The stock has a market cap of $2.05 billion, a PE ratio of -8.29 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital’s revenue was up 67.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) EPS. Sell-side analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the sale, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the transaction, the director now owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This represents a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 359,369 shares of company stock valued at $3,115,161. Insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Applied Digital in the third quarter valued at $59,000. Beacon Harbor Wealth Advisors Inc. bought a new position in Applied Digital in the 3rd quarter worth about $83,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Applied Digital during the third quarter valued at about $88,000. Finally, Chesapeake Capital Corp IL bought a new position in shares of Applied Digital in the third quarter valued at approximately $94,000. 65.67% of the stock is 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.