Applied Digital (NASDAQ:APLD) Shares Up 11.8% – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s stock price was up 11.8% on Friday . The company traded as high as $12.48 and last traded at $11.38. Approximately 33,883,226 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 25,027,541 shares. The stock had previously closed at $10.18.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on APLD shares. HC Wainwright upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Northland Securities boosted their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, January 15th. Finally, Cantor Fitzgerald dropped their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Up 6.4 %

The company has a market capitalization of $2.41 billion, a P/E ratio of -6.26 and a beta of 4.77. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a fifty day simple moving average of $8.45 and a 200-day simple moving average of $7.43.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.05) EPS. On average, equities research analysts expect that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 270,000 shares of company stock valued at $2,477,000 over the last quarter. Corporate insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of APLD. Hood River Capital Management LLC increased its position in shares of Applied Digital by 10.7% during the 4th quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company’s stock worth $115,726,000 after purchasing an additional 1,464,854 shares during the last quarter. Vanguard Group Inc. increased its holdings in Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after buying an additional 3,587,619 shares during the last quarter. Geode Capital Management LLC raised its position in Applied Digital by 54.4% during the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock worth $36,117,000 after acquiring an additional 1,665,335 shares in the last quarter. Van ECK Associates Corp lifted its stake in Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after acquiring an additional 2,344,572 shares during the last quarter. Finally, Pertento Partners LLP lifted its stake in Applied Digital by 49.0% in the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company’s stock valued at $19,319,000 after acquiring an additional 831,705 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.