Applied Digital Co. (NASDAQ:APLD – Get Free Report)’s share price shot up 4.3% on Monday . The company traded as high as $6.30 and last traded at $6.28. 1,235,151 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 6,080,306 shares. The stock had previously closed at $6.02.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the stock. B. Riley boosted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, September 5th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Monday, September 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $5.00 target price on shares of Applied Digital in a report on Thursday, August 29th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $8.40.
Applied Digital Trading Up 12.1 %
The company has a market cap of $926.16 million, a P/E ratio of -8.06 and a beta of 4.51. The firm’s 50 day moving average is $4.79 and its two-hundred day moving average is $4.45. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.
Applied Digital (NASDAQ:APLD – Get Free Report) last announced its earnings results on Wednesday, August 28th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.29). The company had revenue of $43.70 million during the quarter, compared to the consensus estimate of $42.70 million. Applied Digital had a negative net margin of 88.95% and a negative return on equity of 111.80%. During the same quarter in the previous year, the company earned ($0.07) earnings per share. As a group, equities research analysts anticipate that Applied Digital Co. will post -1.02 EPS for the current year.
Insiders Place Their Bets
In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares of the company’s stock, valued at $1,201,783. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 20.50% of the company’s stock.
Institutional Trading of Applied Digital
A number of hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its position in shares of Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after purchasing an additional 3,182 shares during the last quarter. ICA Group Wealth Management LLC boosted its stake in Applied Digital by 56.8% in the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock valued at $112,000 after acquiring an additional 6,795 shares during the last quarter. Headlands Technologies LLC grew its position in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after acquiring an additional 6,933 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Applied Digital by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after acquiring an additional 7,517 shares during the period. Finally, Swiss National Bank increased its stake in shares of Applied Digital by 6.9% during the 4th quarter. Swiss National Bank now owns 146,600 shares of the company’s stock worth $988,000 after purchasing an additional 9,500 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors.
Applied Digital Company Profile
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.