Applied Digital (NASDAQ:APLD) Trading 8.6% Higher – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) rose 8.6% during mid-day trading on Thursday . The stock traded as high as $24.83 and last traded at $23.90. Approximately 30,983,824 shares traded hands during trading, a decline of 12% from the average daily volume of 35,131,723 shares. The stock had previously closed at $22.00.

Wall Street Analyst Weigh In

APLD has been the topic of a number of recent research reports. Craig Hallum raised their price objective on Applied Digital to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. HC Wainwright boosted their price objective on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $41.00 target price on shares of Applied Digital in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Applied Digital currently has a consensus rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Trading Up 8.6%

The firm has a market cap of $6.67 billion, a PE ratio of -21.15 and a beta of 6.94. The firm has a fifty day simple moving average of $29.57 and a two-hundred day simple moving average of $19.93. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The firm had revenue of $64.22 million for the quarter, compared to analysts’ expectations of $52.25 million. During the same period in the previous year, the firm earned ($0.15) earnings per share. The business’s revenue was up 84.3% compared to the same quarter last year. Equities analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of the stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $34.08, for a total value of $3,408,000.00. Following the completion of the transaction, the chief financial officer directly owned 158,912 shares of the company’s stock, valued at $5,415,720.96. This represents a 38.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Chuck Hastings sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $35.69, for a total transaction of $1,784,500.00. Following the completion of the sale, the director owned 451,612 shares of the company’s stock, valued at $16,118,032.28. This trade represents a 9.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 328,035 shares of company stock worth $11,376,479. Company insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Hood River Capital Management LLC boosted its position in shares of Applied Digital by 2.8% during the second quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock valued at $220,120,000 after purchasing an additional 592,314 shares in the last quarter. Vanguard Group Inc. raised its holdings in Applied Digital by 23.2% in the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock worth $406,547,000 after purchasing an additional 3,339,062 shares in the last quarter. Situational Awareness LP lifted its position in Applied Digital by 63.3% during the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after buying an additional 2,556,200 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after buying an additional 5,198,223 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Applied Digital by 20.2% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,199,135 shares of the company’s stock worth $73,388,000 after buying an additional 537,839 shares during the period. Institutional investors own 65.67% of the company’s stock.

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.