Applied Digital (NASDAQ:APLD) Trading Up 2% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s stock price was up 2% on Monday . The stock traded as high as $22.41 and last traded at $22.15. Approximately 19,198,929 shares were traded during trading, a decline of 47% from the average daily volume of 36,442,238 shares. The stock had previously closed at $21.71.

Wall Street Analyst Weigh In

Several brokerages have issued reports on APLD. Roth Capital reaffirmed a “buy” rating on shares of Applied Digital in a report on Monday, June 2nd. HC Wainwright upped their target price on Applied Digital from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, August 25th. Craig Hallum upped their target price on Applied Digital from $12.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, August 18th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Finally, B. Riley upped their target price on Applied Digital from $8.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. One analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $15.64.

Applied Digital Stock Performance

The company has a market capitalization of $5.97 billion, a PE ratio of -20.32 and a beta of 6.65. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.77 and a current ratio of 0.77. The stock’s fifty day simple moving average is $15.77 and its 200-day simple moving average is $10.50.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). The firm had revenue of $38.01 million for the quarter, compared to the consensus estimate of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The firm’s revenue for the quarter was up 41.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.14) earnings per share. As a group, equities analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Wes Cummins sold 400,000 shares of Applied Digital stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $6,104,000.00. Following the transaction, the chief executive officer owned 2,659,379 shares in the company, valued at approximately $40,582,123.54. This trade represents a 13.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $1,144,500.00. Following the completion of the transaction, the chief financial officer owned 201,800 shares in the company, valued at $3,079,468. The trade was a 27.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 506,250 shares of company stock valued at $7,713,675 over the last quarter. Company insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Hood River Capital Management LLC raised its holdings in Applied Digital by 2.8% in the second quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock valued at $220,120,000 after buying an additional 592,314 shares during the period. Vanguard Group Inc. lifted its position in Applied Digital by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 13,491,013 shares of the company’s stock worth $75,819,000 after acquiring an additional 730,978 shares in the last quarter. Situational Awareness LP boosted its holdings in Applied Digital by 63.3% in the 2nd quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock worth $66,379,000 after acquiring an additional 2,556,200 shares during the period. BNP Paribas Financial Markets grew its position in Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after acquiring an additional 5,198,223 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Applied Digital by 24.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,661,296 shares of the company’s stock valued at $26,799,000 after purchasing an additional 514,896 shares during the period. Hedge funds and other 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.