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

Shares of Applied Digital Corporation (NASDAQ:APLD) were up 1.9% on Friday . The company traded as high as $31.33 and last traded at $31.20. Approximately 17,314,692 shares were traded 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

APLD has been the subject of several recent research reports. Lake Street Capital boosted their price objective on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Wall Street Zen downgraded shares of Applied Digital from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday, July 21st. Citigroup restated a “market outperform” rating on shares of Applied Digital in a report on Monday, August 3rd. Finally, Compass Point reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Applied Digital in a research note on Friday, May 22nd. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Applied Digital currently has an average rating of “Moderate Buy” and a consensus target price of $68.15.

Applied Digital Trading Up 1.9%

The company has a debt-to-equity ratio of 2.88, a current ratio of 4.01 and a quick ratio of 4.01. The firm’s fifty day moving average is $34.20 and its two-hundred day moving average is $33.92. The firm has a market capitalization of $9.09 billion, a PE ratio of -35.06 and a beta of 5.75.

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

Insider Transactions at Applied Digital

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

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently added to or reduced their stakes in the stock. Concurrent Investment Advisors LLC boosted its stake 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 during the last quarter. Independent Advisor Alliance raised its holdings in shares of Applied Digital by 4.6% in the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after purchasing an additional 407 shares during the period. GAMMA Investing LLC lifted its stake in Applied Digital by 28.5% in 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 during the last quarter. Krilogy Financial LLC grew its holdings in Applied Digital by 4.1% during the second quarter. Krilogy Financial LLC now owns 14,243 shares of the company’s stock valued at $531,000 after purchasing an additional 561 shares during the period. Finally, Vermillion Wealth Management Inc. grew its holdings in Applied Digital by 29.4% during the first quarter. Vermillion Wealth Management Inc. now owns 2,563 shares of the company’s stock valued at $61,000 after purchasing an additional 583 shares during the period. Institutional investors 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.