Shares of Applied Digital Corporation (NASDAQ:APLD – Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $42.87 and last traded at $43.2510, with a volume of 16919474 shares. The stock had previously closed at $39.88.
Key Stories Impacting Applied Digital
Here are the key news stories impacting Applied Digital this week:
- Positive Sentiment: Applied Digital’s share price is being supported by continued momentum after its latest earnings report, with traders focusing on the company’s strong revenue growth and expectations tied to its AI/data center expansion. Why Is Applied Digital Corporation (APLD) Up 62.4% Since Last Earnings Report?
- Positive Sentiment: Analyst coverage remains favorable, with consensus ratings pointing to a “Moderate Buy,” which can help reinforce bullish sentiment around the stock. Applied Digital Corporation (NASDAQ:APLD) Given Consensus Recommendation of “Moderate Buy” by Analysts
- Positive Sentiment: Coverage highlighting Applied Digital’s move to all-time highs and its role in the AI data center buildout is adding to the market’s bullish narrative. APLD breaks to all-time highs: How to trade the AI data center buildout right now
- Neutral Sentiment: Applied Digital finalized the ChronoScale spin-off and retained control, a structural update that may reshape the business but does not yet clearly signal an immediate earnings impact. Applied Digital Finalizes ChronoScale Spin-Off and Retains Control
- Neutral Sentiment: Comparisons with another financial services company are largely informational and are unlikely to be a major driver of APLD’s stock price. Critical Comparison: Applied Digital (NASDAQ:APLD) vs. Freedom (NASDAQ:FRHC)
- Negative Sentiment: The ChronoScale spin-off also creates some uncertainty around how value will be allocated between the remaining business and the new listing, which can temper enthusiasm for some investors. CHRN Stock Just Started Trading as Applied Digital Spins Off ChronoScale. How to Play Shares Here.
Analysts Set New Price Targets
APLD has been the topic of a number of research analyst reports. Needham & Company LLC boosted their price target on Applied Digital to $48.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Citizens Jmp restated a “market outperform” rating and set a $40.00 price target on shares of Applied Digital in a research note on Thursday, April 9th. Northland Securities set a $56.00 price target on Applied Digital in a research note on Wednesday, January 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Finally, Roth Mkm restated a “buy” rating and set a $65.00 price target on shares of Applied Digital in a research note on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Sell rating to the stock. 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 Down 0.7%
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 firm has a market capitalization of $11.79 billion, a price-to-earnings ratio of -55.74 and a beta of 5.69. The company has a 50 day moving average price of $28.99 and a two-hundred day moving average price of $30.13.
Applied Digital (NASDAQ:APLD – Get Free Report) last issued 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). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. The firm’s revenue for the quarter was up 139.3% compared to the same quarter last year. On average, research analysts forecast that Applied Digital Corporation will post -0.52 EPS for the current year.
Insider Activity at Applied Digital
In related 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 transaction of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares in the company, valued at approximately $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 can be accessed through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 35,000 shares of company stock valued at $1,182,175 over the last quarter. 9.50% of the stock is owned by company insiders.
Institutional Trading of Applied Digital
Several large investors have recently made changes to their positions in the company. Cannon Capital Management Inc. increased its position in shares of Applied Digital by 1.0% during the first quarter. Cannon Capital Management Inc. now owns 149,809 shares of the company’s stock worth $3,556,000 after purchasing an additional 1,546 shares in the last quarter. Hollencrest Capital Management increased its stake in shares of Applied Digital by 11.3% in the 1st quarter. Hollencrest Capital Management now owns 25,279 shares of the company’s stock worth $600,000 after acquiring an additional 2,575 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Applied Digital in the 1st quarter worth $1,970,000. Parallel Advisors LLC increased its stake in shares of Applied Digital by 126.1% in the 1st quarter. Parallel Advisors LLC now owns 2,614 shares of the company’s stock worth $62,000 after acquiring an additional 1,458 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Applied Digital by 0.3% in the 1st quarter. Swiss National Bank now owns 498,000 shares of the company’s stock worth $11,823,000 after acquiring an additional 1,600 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
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.
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