Applied Digital (NASDAQ:APLD) Hits New 1-Year High – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $49.35 and last traded at $48.98, with a volume of 25650098 shares. The stock had previously closed at $45.14.

Wall Street Analyst Weigh In

Several brokerages recently commented on APLD. Lake Street Capital reaffirmed a “buy” rating and issued a $70.00 price objective (up from $55.00) on shares of Applied Digital in a report on Thursday, May 21st. Needham & Company LLC lifted their price objective on Applied Digital from $51.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Zacks Research raised Applied Digital from a “strong sell” rating to a “hold” rating in a report on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.11.

Applied Digital Stock Up 8.5%

The company has a market capitalization of $14.00 billion, a PE ratio of -66.19 and a beta of 5.69. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The company has a 50-day moving average of $33.54 and a two-hundred day moving average of $31.18.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The company had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. Applied Digital’s revenue for the quarter was up 139.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.08) earnings per share. Sell-side analysts anticipate that Applied Digital Corporation will post -0.61 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the transaction, the director directly owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the transaction, the director owned 208,378 shares in the company, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,000 shares of company stock worth $1,182,175 over the last quarter. 9.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Noble Wealth Management PBC purchased a new position in shares of Applied Digital in the fourth quarter valued at about $25,000. Albion Financial Group UT purchased a new position in shares of Applied Digital in the fourth quarter valued at about $25,000. Activest Wealth Management purchased a new position in shares of Applied Digital in the fourth quarter valued at about $25,000. Ameriflex Group Inc. purchased a new position in shares of Applied Digital in the fourth quarter valued at about $25,000. Finally, McMillan Office Inc. purchased a new position in shares of Applied Digital in the fourth quarter valued at about $25,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.