Applied Digital (NASDAQ:APLD) Sees Unusually-High Trading Volume Following Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD) saw an uptick in trading volume on Wednesday after HC Wainwright raised their price target on the stock from $5.00 to $10.00. HC Wainwright currently has a buy rating on the stock. 7,403,553 shares changed hands during mid-day trading, an increase of 11% from the previous session’s volume of 6,687,593 shares.The stock last traded at $8.22 and had previously closed at $7.30.

Several other brokerages also recently issued reports on APLD. B. Riley raised their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Lake Street Capital raised their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Craig Hallum raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Roth Mkm restated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $10.50.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. The trade was a 0.00 % 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 Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. grew its holdings in shares of Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after buying an additional 308,223 shares in the last quarter. Alight Capital Management LP purchased a new stake in shares of Applied Digital during the second quarter worth about $3,570,000. Marshall Wace LLP purchased a new stake in shares of Applied Digital during the second quarter worth about $720,000. Woodmont Investment Counsel LLC grew its holdings in Applied Digital by 4.2% in the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after purchasing an additional 10,149 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Trading Up 10.3 %

The business’s fifty day moving average is $5.76 and its 200-day moving average is $4.86. The stock has a market capitalization of $1.10 billion, a PE ratio of -10.19 and a beta of 4.56. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The firm had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same period in the previous year, the firm earned ($0.10) earnings per share. Applied Digital’s revenue was up 67.2% compared to the same quarter last year. As a group, analysts anticipate that Applied Digital Co. will post -1.12 EPS for the current fiscal year.

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.