Applied Digital (NASDAQ:APLD) Trading Up 23.3% After Analyst Upgrade

Shares of Applied Digital Co. (NASDAQ:APLD) were up 23.3% during mid-day trading on Wednesday after B. Riley raised their price target on the stock from $8.00 to $15.00. B. Riley currently has a buy rating on the stock. Applied Digital traded as high as $12.65 and last traded at $12.64. Approximately 91,891,219 shares changed hands during trading, an increase of 170% from the average daily volume of 34,095,523 shares. The stock had previously closed at $10.25.

Several other equities analysts have also recently issued reports on APLD. Needham & Company LLC restated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research report on Monday. Citizens Jmp upgraded Applied Digital to a “strong-buy” rating and set a $12.00 target price on the stock in a research report on Thursday, May 22nd. Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday. JMP Securities boosted their price target on Applied Digital from $12.00 to $18.00 and gave the stock a “market outperform” rating in a research note on Tuesday. Finally, Cantor Fitzgerald decreased their price target on Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 15th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $12.45.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the business’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the transaction, the director now directly owns 83,613 shares in the company, valued at approximately $585,291. The trade was a 22.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 11.81% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

A number of institutional investors and hedge funds have recently made changes to their positions in APLD. Barclays PLC increased its holdings in shares of Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares during the last quarter. KBC Group NV purchased a new position in Applied Digital in the 4th quarter valued at about $55,000. Spire Wealth Management purchased a new position in Applied Digital in the 4th quarter valued at about $43,000. Calamos Advisors LLC purchased a new position in Applied Digital in the 4th quarter valued at about $1,273,000. Finally, Wilmington Savings Fund Society FSB boosted its position in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Trading Up 29.3%

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The business’s 50-day simple moving average is $5.85 and its two-hundred day simple moving average is $7.48. The company has a market capitalization of $2.98 billion, a PE ratio of -7.66 and a beta of 6.09.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same period in the previous year, the business posted ($0.24) EPS. On average, analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current 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.