Applied Digital (NASDAQ:APLD) Trading Up 2.7% – Here’s Why

Applied Digital Corporation (NASDAQ:APLD) shares shot up 2.7% during trading on Thursday . The company traded as high as $33.56 and last traded at $32.29. 16,491,720 shares changed hands during trading, a decline of 34% from the average session volume of 24,907,971 shares. The stock had previously closed at $31.44.

Analyst Upgrades and Downgrades

APLD has been the topic of a number of analyst reports. B. Riley Financial reissued a “buy” rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Roth Capital reissued a “buy” rating and issued a $65.00 target price on shares of Applied Digital in a research note on Thursday, April 23rd. Zacks Research lowered Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Finally, Compass Point reaffirmed a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a research note on Friday, May 22nd. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Applied Digital has a consensus rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Trading Up 2.7%

The business’s 50-day moving average price is $41.64 and its two-hundred day moving average price is $34.33. The company has a market capitalization of $9.23 billion, a P/E ratio of -43.63 and a beta of 5.67. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results 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 net margin of 52.84% and a negative return on equity of 15.91%. The firm had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. During the same period last year, the firm earned ($0.08) EPS. Applied Digital’s quarterly revenue was up 139.3% on a year-over-year basis. As a group, analysts forecast that Applied Digital Corporation will post -0.7 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Applied Digital

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after buying an additional 6,445,908 shares in the last quarter. Value Aligned Research Advisors LLC bought a new stake in shares of Applied Digital during the fourth quarter worth $138,380,000. Situational Awareness LP raised its holdings in shares of Applied Digital by 87.0% during the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after acquiring an additional 5,274,905 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Applied Digital by 24,356.8% during the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after acquiring an additional 5,198,223 shares during the period. Finally, Marex Group plc lifted its position in Applied Digital by 38,484.6% in the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock valued at $95,745,000 after acquiring an additional 3,894,639 shares in the last quarter. 65.67% of the stock is owned by institutional investors.

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.