Applied Digital (NASDAQ:APLD) Trading Up 5.9% – What’s Next?

Shares of Applied Digital Corporation (NASDAQ:APLD) were up 5.9% during mid-day trading on Tuesday . The company traded as high as $10.53 and last traded at $10.45. Approximately 13,422,372 shares changed hands during trading, a decline of 66% from the average daily volume of 39,190,973 shares. The stock had previously closed at $9.87.

Analyst Ratings Changes

A number of equities analysts recently commented on APLD shares. HC Wainwright raised their price objective on shares of Applied Digital from $7.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Compass Point reissued a “neutral” rating and issued a $13.00 price objective (up from $10.00) on shares of Applied Digital in a research note on Monday, June 9th. Roth Capital reiterated a “buy” rating on shares of Applied Digital in a report on Monday, June 2nd. Citizens Jmp upgraded shares of Applied Digital to a “strong-buy” rating and set a $12.00 price target for the company in a report on Thursday, May 22nd. Finally, B. Riley upped their price objective on shares of Applied Digital from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $12.73.

Applied Digital Price Performance

The firm has a market capitalization of $2.32 billion, a P/E ratio of -7.54 and a beta of 6.09. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a 50 day moving average of $7.47 and a two-hundred day moving average of $7.64.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The firm had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. During the same period in the prior year, the company posted ($0.24) earnings per share. Sell-side analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the sale, the director now directly owns 83,613 shares of the company’s stock, valued at $585,291. This represents a 22.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers lifted its position in Applied Digital by 7.8% in the first quarter. Rhumbline Advisers now owns 279,191 shares of the company’s stock worth $1,569,000 after purchasing an additional 20,299 shares during the period. Strs Ohio acquired a new position in shares of Applied Digital in the 1st quarter valued at $71,000. Wealth Management Associates Inc. lifted its holdings in shares of Applied Digital by 25.5% during the 1st quarter. Wealth Management Associates Inc. now owns 95,660 shares of the company’s stock worth $538,000 after acquiring an additional 19,450 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after acquiring an additional 3,542 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its stake in Applied Digital by 117.0% in the first quarter. Arete Wealth Advisors LLC now owns 1,065,432 shares of the company’s stock valued at $5,988,000 after acquiring an additional 574,485 shares during the period. 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.