Applied Digital (NASDAQ:APLD) Shares Up 5.9% – What’s Next?

Shares of Applied Digital Corporation (NASDAQ:APLD) traded up 5.9% on Tuesday . The stock traded as high as $10.53 and last traded at $10.45. 13,422,372 shares were traded during mid-day trading, a decline of 66% from the average session volume of 39,190,973 shares. The stock had previously closed at $9.87.

Wall Street Analyst Weigh In

Several equities analysts recently commented on APLD shares. Citizens Jmp upgraded Applied Digital to a “strong-buy” rating and set a $12.00 target price for the company in a research report on Thursday, May 22nd. HC Wainwright increased their price objective on Applied Digital from $7.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Craig Hallum boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Cantor Fitzgerald lowered their target price on shares of Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday, April 15th. Finally, JMP Securities increased their target price on shares of Applied Digital from $12.00 to $18.00 and gave the stock a “market outperform” rating in a research report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $12.73.

Applied Digital Price Performance

The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56. The stock’s 50-day moving average price is $7.47 and its 200-day moving average price is $7.64. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -7.54 and a beta of 6.09.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The firm had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. During the same period in the prior year, the company posted ($0.24) EPS. Equities research analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In other news, Director Rachel H. Lee sold 24,212 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the transaction, the director now owns 83,613 shares of the company’s stock, valued at approximately $585,291. This trade represents a 22.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers boosted its stake in Applied Digital by 7.8% in the first quarter. Rhumbline Advisers now owns 279,191 shares of the company’s stock valued at $1,569,000 after acquiring an additional 20,299 shares during the last quarter. Strs Ohio acquired a new position in shares of Applied Digital in the 1st quarter valued at $71,000. Wealth Management Associates Inc. boosted its position in shares of Applied Digital by 25.5% in the 1st quarter. Wealth Management Associates Inc. now owns 95,660 shares of the company’s stock worth $538,000 after purchasing an additional 19,450 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after purchasing an additional 3,542 shares during the last quarter. Finally, Arete Wealth Advisors LLC lifted its stake in Applied Digital by 117.0% in the first quarter. Arete Wealth Advisors LLC now owns 1,065,432 shares of the company’s stock valued at $5,988,000 after buying an additional 574,485 shares during the period. 65.67% of the stock is owned by institutional investors.

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.