Applied Digital (NASDAQ:APLD) Trading Up 3% – Here’s What Happened

Applied Digital Corporation (NASDAQ:APLD) traded up 3% during trading on Friday . The stock traded as high as $44.95 and last traded at $42.70. 22,364,214 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 25,693,217 shares. The stock had previously closed at $41.47.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Lake Street Capital raised their price objective on shares of Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Citigroup reiterated a “market outperform” rating on shares of Applied Digital in a research note on Tuesday. Lucid Cap Mkts upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Finally, Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $67.67.

Applied Digital Trading Up 3.0%

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 has a market cap of $12.20 billion, a price-to-earnings ratio of -57.70 and a beta of 5.69. The business’s 50-day simple moving average is $37.94 and its 200-day simple moving average is $32.72.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The business had revenue of $108.55 million for the quarter, compared to analyst estimates of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business’s revenue was up 139.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.08) EPS. Research analysts predict that Applied Digital Corporation will post -0.68 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the transaction, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the transaction, the director owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Newbridge Financial Services Group Inc. raised its position in Applied Digital by 8.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock worth $93,000 after acquiring an additional 300 shares during the last quarter. Concurrent Investment Advisors LLC grew its holdings in shares of Applied Digital by 1.5% during the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after buying an additional 318 shares in the last quarter. Brookstone Capital Management grew its holdings in shares of Applied Digital by 3.6% during the fourth quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock worth $227,000 after buying an additional 321 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Applied Digital by 1.0% during the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after buying an additional 376 shares in the last quarter. Finally, Independent Advisor Alliance grew its holdings in shares of Applied Digital by 4.6% during the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after buying an additional 407 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.