Applied Digital (NASDAQ:APLD) Trading 6.1% Higher

Shares of Applied Digital Co. (NASDAQ:APLD) were up 6.1% during trading on Tuesday . The stock traded as high as $6.30 and last traded at $6.25. Approximately 6,071,688 shares traded hands during mid-day trading, an increase of 3% from the average daily volume of 5,898,710 shares. The stock had previously closed at $5.89.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Roth Mkm restated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, September 5th. HC Wainwright restated a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a research note on Thursday, August 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday, September 9th. Finally, B. Riley boosted their price objective on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $8.40.

Applied Digital Stock Down 1.4 %

The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $797.18 million, a P/E ratio of -7.91 and a beta of 4.51. The stock’s 50-day moving average price is $4.79 and its two-hundred day moving average price is $4.40.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, August 28th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.29). Applied Digital had a negative return on equity of 111.80% and a negative net margin of 88.95%. The firm had revenue of $43.70 million during the quarter, compared to analysts’ expectations of $42.70 million. During the same period in the prior year, the business earned ($0.07) earnings per share. As a group, research analysts expect that Applied Digital Co. will post -1.02 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares in the company, valued at $1,201,783. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 20.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. purchased a new stake in Applied Digital during the 1st quarter worth about $50,000. Headlands Technologies LLC lifted its holdings in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after buying an additional 6,933 shares in the last quarter. ARS Investment Partners LLC bought a new position in shares of Applied Digital in the second quarter valued at approximately $60,000. Capstone Investment Advisors LLC purchased a new position in Applied Digital during the fourth quarter valued at approximately $78,000. Finally, ICA Group Wealth Management LLC purchased a new position in Applied Digital during the fourth quarter valued at approximately $81,000. 65.67% of the stock is owned by institutional investors.

Applied Digital Company Profile

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.