Applied Digital (NASDAQ:APLD) Trading Up 15.8% – What’s Next?

Applied Digital Co. (NASDAQ:APLD)’s stock price traded up 15.8% during trading on Tuesday . The stock traded as high as $9.72 and last traded at $9.00. 38,717,260 shares changed hands during trading, an increase of 116% from the average session volume of 17,919,533 shares. The stock had previously closed at $7.77.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Lake Street Capital lifted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. Roth Mkm reaffirmed a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Finally, HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $11.14.

Applied Digital Stock Performance

The firm’s 50-day simple moving average is $8.70 and its two-hundred day simple moving average is $6.92. The stock has a market capitalization of $1.82 billion, a PE ratio of -7.38 and a beta of 4.78. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

Insider Activity at Applied Digital

In related news, 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 value of $1,840,000.00. Following the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard N. Nottenburg sold 50,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the transaction, the director now owns 334,317 shares in the company, valued at $3,075,716.40. The trade was a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 279,369 shares of company stock valued at $2,525,561. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its stake in shares of Applied Digital by 36.2% in the second quarter. Bank of New York Mellon Corp now owns 304,869 shares of the company’s stock worth $1,814,000 after acquiring an additional 80,958 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Applied Digital by 115.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 66,688 shares of the company’s stock valued at $397,000 after buying an additional 35,768 shares during the period. Rhumbline Advisers raised its position in shares of Applied Digital by 30.0% during the second quarter. Rhumbline Advisers now owns 140,087 shares of the company’s stock worth $834,000 after purchasing an additional 32,336 shares during the period. Headlands Technologies LLC raised its holdings in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares during the period. Finally, ICA Group Wealth Management LLC boosted its stake in Applied Digital by 56.8% in the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after purchasing an additional 6,795 shares during the period. Institutional investors 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.