Applied Digital (NASDAQ:APLD) Shares Up 8.1% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD) shares shot up 8.1% on Monday . The company traded as high as $46.64 and last traded at $44.59. 27,246,503 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 26,759,795 shares. The stock had previously closed at $41.25.

Analysts Set New Price Targets

A number of research firms have weighed in on APLD. Needham & Company LLC raised their target price on shares of Applied Digital to $48.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Citizens Jmp reissued a “market outperform” rating and issued a $40.00 target price on shares of Applied Digital in a research note on Thursday, April 9th. Texas Capital raised shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Finally, Wall Street Zen lowered shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $44.33.

Applied Digital Trading Up 3.5%

The stock has a market cap of $13.00 billion, a PE ratio of -61.46 and a beta of 5.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. The company’s 50-day moving average price is $30.24 and its 200 day moving average price is $30.43.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The firm had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The firm’s quarterly revenue was up 139.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.08) EPS. On average, sell-side analysts forecast that Applied Digital Corporation will post -0.61 EPS for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director owned 208,378 shares of the company’s stock, valued at $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Douglas S. Miller sold 10,000 shares of the business’s 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 directly owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by corporate insiders.

Institutional Trading of Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Noble Wealth Management PBC purchased a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Albion Financial Group UT purchased a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Activest Wealth Management purchased a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Ameriflex Group Inc. purchased a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Finally, McMillan Office Inc. purchased a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Hedge funds and other 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.