Applied Digital (NASDAQ:APLD) Stock Price Up 2.4% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s stock price traded up 2.4% on Wednesday . The company traded as high as $32.15 and last traded at $31.44. 18,070,540 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 24,983,770 shares. The stock had previously closed at $30.71.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Roth Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research note on Thursday, April 23rd. Citizens Jmp upped their target price on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 21st. B. Riley Financial reaffirmed a “buy” rating and set a $66.00 price target (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a research note on Tuesday, June 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Applied Digital presently has a consensus rating of “Moderate Buy” and an average price target of $70.56.

Applied Digital Stock Up 2.4%

The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $8.98 billion, a price-to-earnings ratio of -42.49 and a beta of 5.67. The stock has a fifty day moving average of $41.68 and a 200-day moving average of $34.28.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $78.47 million. During the same period in the prior year, the company earned ($0.08) earnings per share. The company’s revenue for the quarter was up 139.3% on a year-over-year basis. As a group, sell-side analysts expect that Applied Digital Corporation will post -0.7 EPS for the current year.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the sale, the director directly owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This represents a 5.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 35,000 shares of company stock worth $1,182,175. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Noble Wealth Management PBC acquired a new position in Applied Digital in the fourth quarter worth approximately $25,000. Albion Financial Group UT bought a new stake in Applied Digital in the fourth quarter worth approximately $25,000. Activest Wealth Management acquired a new position in shares of Applied Digital during the 4th quarter worth $25,000. FNY Investment Advisers LLC bought a new position in shares of Applied Digital during the 2nd quarter valued at $37,000. Finally, Ameriflex Group Inc. bought a new position in shares of Applied Digital during the 4th quarter valued at $25,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

About Applied Digital

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.