Applied Digital (NASDAQ:APLD) Shares Up 36% Following Analyst Upgrade

Applied Digital Corporation (NASDAQ:APLD)’s share price shot up 36% during trading on Thursday after Lake Street Capital raised their price target on the stock from $14.00 to $18.00. Lake Street Capital currently has a buy rating on the stock. Applied Digital traded as high as $14.06 and last traded at $13.64. 76,692,240 shares traded hands during trading, an increase of 101% from the average session volume of 38,124,602 shares. The stock had previously closed at $10.03.

Other analysts have also issued reports about the company. B. Riley raised their price target on Applied Digital from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. Citizens Jmp raised Applied Digital to a “strong-buy” rating and set a $12.00 price target on the stock in a research note on Thursday, May 22nd. HC Wainwright raised their price target on Applied Digital from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday. Compass Point raised Applied Digital from a “neutral” rating to a “buy” rating and set a $13.00 price target on the stock in a research note on Friday, July 25th. Finally, JMP Securities raised 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, June 3rd. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $14.18.

Insider Buying and Selling at Applied Digital

In other news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the transaction, the director directly owned 83,613 shares of the company’s stock, valued at $585,291. The trade was a 22.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 11.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently modified their holdings of APLD. Situational Awareness LP acquired a new position in shares of Applied Digital in the 1st quarter valued at about $22,680,000. Vanguard Group Inc. raised its holdings in shares of Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock valued at $97,487,000 after buying an additional 3,587,619 shares during the period. Tidal Investments LLC raised its holdings in shares of Applied Digital by 14,635.7% during the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company’s stock valued at $12,972,000 after buying an additional 1,686,328 shares during the period. Geode Capital Management LLC raised its holdings in shares of Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after buying an additional 1,665,335 shares during the period. Finally, Partners Capital Investment Group LLP purchased a new stake in shares of Applied Digital during the 1st quarter valued at about $8,673,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Trading Up 31.0%

The firm has a market capitalization of $2.96 billion, a PE ratio of -12.06 and a beta of 6.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a fifty day moving average of $10.39 and a 200 day moving average of $7.98.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). The business had revenue of $38.01 million for the quarter, compared to the consensus estimate of $42.86 million. Applied Digital had a negative return on equity of 54.03% and a negative net margin of 107.22%. The company’s revenue was up 41.3% on a year-over-year basis. During the same period last year, the business posted ($0.14) EPS. Equities research analysts expect that Applied Digital Corporation will post -0.96 EPS 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.