Applied Digital (NASDAQ:APLD) Stock Price Up 8.5% on Analyst Upgrade

Applied Digital Corporation (NASDAQ:APLD)’s stock price was up 8.5% on Wednesday after Lucid Cap Mkts upgraded the stock to a strong-buy rating. The stock traded as high as $49.35 and last traded at $48.98. Approximately 25,505,609 shares were traded during trading, a decline of 3% from the average daily volume of 26,271,682 shares. The stock had previously closed at $45.14.

APLD has been the topic of several other research reports. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a research note on Thursday, May 21st. B. Riley Financial reiterated a “buy” rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a research note on Wednesday. Zacks Research upgraded Applied Digital from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 7th. Citizens Jmp lifted their price target on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research note on Thursday, May 21st. Finally, Lake Street Capital reiterated a “buy” rating and issued a $70.00 price target (up from $55.00) on shares of Applied Digital in a research note on Thursday, May 21st. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Applied Digital presently has a consensus rating of “Buy” and an average target price of $59.11.

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their position. 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 the business’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares in the company, valued at $6,466,367.82. This represents a 5.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 in the last 90 days. 9.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of APLD. Noble Wealth Management PBC bought a new stake in Applied Digital during the 4th quarter worth $25,000. Albion Financial Group UT bought a new stake in Applied Digital during the 4th quarter worth $25,000. Activest Wealth Management bought a new stake in shares of Applied Digital in the 4th quarter valued at about $25,000. Ameriflex Group Inc. bought a new stake in shares of Applied Digital in the 4th quarter valued at about $25,000. Finally, McMillan Office Inc. bought a new stake in shares of Applied Digital in the 4th quarter valued at about $25,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

The business has a 50-day simple moving average of $33.99 and a 200 day simple moving average of $31.31. The stock has a market cap of $13.51 billion, a P/E ratio of -63.89 and a beta of 5.69. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65.

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

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.