Applied Digital (NASDAQ:APLD) Trading Up 1.9% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD)’s share price traded up 1.9% on Friday . The company traded as high as $31.33 and last traded at $31.20. 17,314,692 shares traded hands during trading, a decline of 28% from the average session volume of 24,011,029 shares. The stock had previously closed at $30.62.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on APLD shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research report on Tuesday, July 21st. Roth Capital restated a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research report on Thursday, April 23rd. Craig Hallum upped their target price on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Wall Street Zen downgraded Applied Digital from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $83.00 price target on shares of Applied Digital in a research note on Tuesday, July 28th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Trading Up 1.9%

The company has a market capitalization of $9.09 billion, a price-to-earnings ratio of -35.06 and a beta of 5.75. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. The business’s 50 day moving average price is $34.03 and its two-hundred day moving average price is $33.90.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The company had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.Applied Digital’s revenue for the quarter was up 406.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.24) earnings per share. On average, equities analysts predict that Applied Digital Corporation will post -1.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 75,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the completion of the transaction, the director directly owned 133,378 shares in the company, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently modified their holdings of APLD. Concurrent Investment Advisors LLC increased its holdings in Applied Digital by 1.5% in the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after purchasing an additional 318 shares in the last quarter. Independent Advisor Alliance boosted its stake 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 valued at $226,000 after purchasing an additional 407 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Applied Digital by 28.5% during the second quarter. GAMMA Investing LLC now owns 2,092 shares of the company’s stock valued at $78,000 after purchasing an additional 464 shares in the last quarter. Krilogy Financial LLC grew its holdings in shares of Applied Digital by 4.1% during the second quarter. Krilogy Financial LLC now owns 14,243 shares of the company’s stock worth $531,000 after purchasing an additional 561 shares during the last quarter. Finally, Vermillion Wealth Management Inc. grew its holdings in shares of Applied Digital by 29.4% during the first quarter. Vermillion Wealth Management Inc. now owns 2,563 shares of the company’s stock worth $61,000 after purchasing an additional 583 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

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.