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

Applied Digital Corporation (NASDAQ:APLD) shares rose 2.7% during mid-day trading on Thursday . The company traded as high as $47.79 and last traded at $46.71. Approximately 16,272,386 shares traded hands during trading, a decline of 38% from the average daily volume of 26,452,074 shares. The stock had previously closed at $45.48.

Wall Street Analyst Weigh In

APLD has been the subject of a number of research analyst reports. Roth Mkm reissued a “buy” rating and set a $65.00 target price on shares of Applied Digital in a research report on Thursday, April 23rd. Needham & Company LLC increased their target price on shares of Applied Digital to $51.00 and gave the stock a “buy” rating in a research report on Friday. Northland Securities set a $56.00 target price on shares of Applied Digital in a research report on Wednesday, January 28th. Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.67.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The company’s 50-day simple moving average is $30.93 and its 200-day simple moving average is $30.61. The company has a market cap of $12.16 billion, a price-to-earnings ratio of -57.51 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last issued 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 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 business earned ($0.08) EPS. The firm’s revenue was up 139.3% compared to the same quarter last year. On average, equities research analysts anticipate that Applied Digital Corporation will post -0.61 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,000 shares of company stock valued at $1,182,175 in the last ninety days. 9.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Institutional investors and hedge funds have recently made changes to their positions in the business. Noble Wealth Management PBC purchased a new position in shares of Applied Digital during the 4th quarter valued at approximately $25,000. Albion Financial Group UT purchased a new position in shares of Applied Digital during the 4th quarter valued at approximately $25,000. Activest Wealth Management purchased a new position in shares of Applied Digital during the 4th quarter valued at approximately $25,000. Ameriflex Group Inc. purchased a new position in shares of Applied Digital during the 4th quarter valued at approximately $25,000. Finally, McMillan Office Inc. purchased a new position in shares of Applied Digital during the 4th quarter valued at approximately $25,000. 65.67% of the stock is currently owned by hedge funds and other 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.