Applied Digital (NASDAQ:APLD) Trading Up 6.1% – Here’s What Happened

Shares of Applied Digital Corporation (NASDAQ:APLD) were up 6.1% during mid-day trading on Thursday . The company traded as high as $31.69 and last traded at $31.14. Approximately 22,357,799 shares traded hands during trading, a decline of 37% from the average daily volume of 35,451,309 shares. The stock had previously closed at $29.36.

Wall Street Analyst Weigh In

APLD has been the subject of a number of research reports. Citigroup reiterated an “outperform” rating on shares of Applied Digital in a report on Thursday, October 9th. Northland Securities raised their price target on shares of Applied Digital to $40.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Lake Street Capital boosted their price objective on shares of Applied Digital from $18.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Finally, Craig Hallum raised their target price on shares of Applied Digital to $39.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $26.20.

Applied Digital Trading Up 6.1%

The business’s 50 day simple moving average is $28.86 and its 200 day simple moving average is $18.43. The stock has a market cap of $8.67 billion, a price-to-earnings ratio of -27.56 and a beta of 6.94. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The business had revenue of $64.22 million during the quarter, compared to the consensus estimate of $52.25 million. During the same period last year, the business posted ($0.15) EPS. Applied Digital’s revenue was up 84.3% on a year-over-year basis. On average, research analysts expect that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In related news, CFO Mohammad Saidal Lavanw Mohmand sold 37,503 shares of Applied Digital stock in a transaction that occurred on Tuesday, October 28th. The stock was sold at an average price of $36.47, for a total transaction of $1,367,734.41. Following the completion of the sale, the chief financial officer directly owned 121,409 shares of the company’s stock, valued at approximately $4,427,786.23. This trade represents a 23.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 9,375 shares of the business’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $35.91, for a total value of $336,656.25. Following the completion of the sale, the director owned 249,237 shares of the company’s stock, valued at $8,950,100.67. This trade represents a 3.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 328,035 shares of company stock worth $11,376,479 in the last ninety days. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently modified their holdings of APLD. BNP Paribas Financial Markets grew its position in shares of Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after purchasing an additional 5,198,223 shares in the last quarter. Situational Awareness LP bought a new stake in shares of Applied Digital in the first quarter valued at approximately $22,680,000. Vanguard Group Inc. grew its position in Applied Digital by 23.2% during the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock worth $406,547,000 after buying an additional 3,339,062 shares in the last quarter. Two Sigma Investments LP bought a new position in Applied Digital during the 3rd quarter worth $69,535,000. Finally, Partners Capital Investment Group LLP acquired a new position in Applied Digital in the 1st quarter valued at $8,673,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

About Applied Digital

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.