Applied Digital (NASDAQ:APLD) Stock Price Up 6% – What’s Next?

Applied Digital Corporation (NASDAQ:APLD)’s share price shot up 6% on Tuesday . The company traded as high as $31.84 and last traded at $31.27. 20,193,752 shares traded hands during trading, a decline of 18% from the average session volume of 24,508,494 shares. The stock had previously closed at $29.49.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on APLD. Compass Point reiterated a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Lake Street Capital upped their price target on Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. B. Riley Financial reaffirmed a “buy” rating and issued a $75.00 price target (up from $66.00) on shares of Applied Digital in a research report on Monday. Craig Hallum lifted their price objective on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Finally, Citigroup reissued a “market outperform” rating on shares of Applied Digital in a research report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Applied Digital presently has a consensus rating of “Moderate Buy” and an average price target of $68.15.

Applied Digital Price Performance

The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of -32.43 and a beta of 5.75. The stock’s fifty day moving average price is $36.26 and its two-hundred day moving average price is $34.19. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88.

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

Insider Activity

In other news, Director Richard N. Nottenburg sold 75,000 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the transaction, the director owned 133,378 shares in the company, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several institutional investors have recently added to or reduced their stakes in APLD. Cannon Capital Management Inc. acquired a new stake in shares of Applied Digital during the fourth quarter worth about $3,635,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $2,674,000. Prime Capital Investment Advisors LLC acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $1,284,000. M&T Bank Corp purchased a new position in Applied Digital during the 4th quarter worth approximately $2,232,000. Finally, TFR Capital LLC. purchased a new position in Applied Digital during the 4th quarter worth approximately $1,741,000. 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.