Applied Digital (NASDAQ:APLD) Shares Up 2.1% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD)’s share price was up 2.1% during mid-day trading on Monday . The company traded as high as $32.55 and last traded at $32.19. Approximately 22,053,230 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 26,846,086 shares. The stock had previously closed at $31.53.

Analyst Upgrades and Downgrades

APLD has been the topic of a number of recent analyst reports. Northland Securities set a $56.00 price target on shares of Applied Digital in a research note on Wednesday, January 28th. Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Lake Street Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Finally, Texas Capital upgraded Applied Digital to a “strong-buy” rating in a report on Tuesday, January 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.78.

Applied Digital Price Performance

The stock has a market cap of $9.27 billion, a PE ratio of -43.82 and a beta of 7.25. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The company’s fifty day moving average is $28.27 and its 200 day moving average is $29.88.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. Applied Digital’s quarterly revenue was up 139.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Applied Digital Corporation will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 45,987 shares of the firm’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $38.57, for a total value of $1,773,718.59. Following the transaction, the director directly owned 388,372 shares of the company’s stock, valued at $14,979,508.04. This trade represents a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. lifted its position in Applied Digital by 8.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after acquiring an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC grew its position in Applied Digital by 1.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after acquiring an additional 318 shares in the last quarter. Brookstone Capital Management raised its stake in shares of Applied Digital by 3.6% during the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after purchasing an additional 321 shares during the period. ProShare Advisors LLC raised its stake in shares of Applied Digital by 1.0% during the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock valued at $841,000 after purchasing an additional 376 shares during the period. Finally, Independent Advisor Alliance lifted its position in shares of Applied Digital by 4.6% during the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after purchasing an additional 407 shares in the last quarter. 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.