Applied Digital (NASDAQ:APLD) Trading Up 3% – Still a Buy?

Shares of Applied Digital Co. (NASDAQ:APLD) rose 3% during mid-day trading on Thursday . The stock traded as high as $8.90 and last traded at $8.34. Approximately 13,410,298 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 27,230,598 shares. The stock had previously closed at $8.10.

Wall Street Analysts Forecast Growth

APLD has been the subject of several recent research reports. Compass Point initiated coverage on Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Northland Securities lifted their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. HC Wainwright lifted their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $12.11.

Applied Digital Stock Up 2.0 %

The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market cap of $1.78 billion, a PE ratio of -4.62 and a beta of 4.77. The business has a fifty day moving average of $8.41 and a 200-day moving average of $7.62.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) earnings per share. Equities research analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares of the company’s stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently bought and sold shares of APLD. Private Advisor Group LLC raised its stake in Applied Digital by 159.7% in the third quarter. Private Advisor Group LLC now owns 38,700 shares of the company’s stock worth $319,000 after buying an additional 23,800 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Applied Digital during the third quarter worth $88,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of Applied Digital during the third quarter worth $83,000. Victory Capital Management Inc. increased its position in shares of Applied Digital by 72.5% during the third quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock worth $161,000 after purchasing an additional 8,212 shares in the last quarter. Finally, Royce & Associates LP increased its position in shares of Applied Digital by 1.4% during the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after purchasing an additional 15,763 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

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.