Applied Digital Co. (NASDAQ:APLD – Get Free Report)’s share price was down 7.6% during mid-day trading on Thursday . The stock traded as low as $8.32 and last traded at $8.70. Approximately 14,142,000 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 15,866,307 shares. The stock had previously closed at $9.42.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on APLD. HC Wainwright raised their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Lake Street Capital increased their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Craig Hallum increased their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, B. Riley lifted their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has an average rating of “Buy” and a consensus price target of $11.14.
Check Out Our Latest Stock Report on Applied Digital
Applied Digital Stock Performance
Applied Digital (NASDAQ:APLD – Get Free Report) last released its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping 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 88.87%. The firm had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same period in the previous year, the business posted ($0.10) earnings per share. The company’s revenue for the quarter was up 67.2% compared to the same quarter last year. Research analysts expect that Applied Digital Co. will post -0.4 EPS for the current fiscal year.
Insiders Place Their Bets
In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This represents a 4.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 359,369 shares of company stock valued at $3,115,161 over the last ninety days. 11.81% of the stock is currently owned by company insiders.
Institutional Trading of Applied Digital
Several hedge funds have recently bought and sold shares of APLD. Geode Capital Management LLC grew its position in Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after purchasing an additional 1,002,862 shares during the period. Hood River Capital Management LLC lifted its stake in Applied Digital by 8.7% during the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after acquiring an additional 771,699 shares in the last quarter. Alight Capital Management LP bought a new stake in shares of Applied Digital in the 2nd quarter worth $3,570,000. Barclays PLC raised its holdings in shares of Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after purchasing an additional 428,428 shares during the last quarter. Finally, Thomist Capital Management LP purchased a new position in Applied Digital during the second quarter worth about $2,529,000. Institutional investors and hedge funds own 65.67% of the company’s stock.
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.
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