Applied Digital (NASDAQ:APLD) Stock Price Up 1.2% Following Analyst Upgrade

Shares of Applied Digital Corporation (NASDAQ:APLD) traded up 1.2% during mid-day trading on Friday after Morgan Stanley raised their price target on the stock from $36.50 to $37.50. Morgan Stanley currently has an equal weight rating on the stock. Applied Digital traded as high as $30.18 and last traded at $29.22. 12,901,242 shares were traded during trading, a decline of 47% from the average session volume of 24,279,959 shares. The stock had previously closed at $28.86.

Other research analysts also recently issued reports about the company. 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. Compass Point reissued a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a research note on Friday, May 22nd. Citizens Jmp boosted their price target on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Thursday, May 21st. Zacks Research upgraded shares of Applied Digital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. Finally, Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.15.

Insider Activity

In related news, Director Richard N. Nottenburg sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the completion of the sale, the director directly owned 133,378 shares in the company, valued at approximately $4,154,724.70. The trade was a 35.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after purchasing an additional 6,445,908 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $138,380,000. Situational Awareness LP increased its holdings in shares of Applied Digital by 87.0% in the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock valued at $278,034,000 after purchasing an additional 5,274,905 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Applied Digital by 24,356.8% during the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after buying an additional 5,198,223 shares in the last quarter. Finally, Marex Group plc lifted its position in Applied Digital by 38,484.6% during the fourth quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after buying an additional 3,894,639 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Performance

The stock has a 50-day moving average of $35.84 and a 200 day moving average of $34.13. The stock has a market cap of $8.52 billion, a PE ratio of -32.83 and a beta of 5.75. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88.

Applied Digital (NASDAQ:APLD) last posted its quarterly 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). The company had revenue of $240.35 million for the quarter, compared to analysts’ expectations of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The firm’s revenue was up 406.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.24) EPS. Equities analysts predict that Applied Digital Corporation will post -0.98 EPS for the current fiscal year.

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.