Applied Digital (NASDAQ:APLD) Sets New 12-Month High – Time to Buy?

Applied Digital Co. (NASDAQ:APLD) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $9.26 and last traded at $9.18, with a volume of 3899318 shares traded. The stock had previously closed at $8.71.

Wall Street Analysts Forecast Growth

APLD has been the topic of several analyst reports. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Lake Street Capital lifted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Thursday, October 17th. Craig Hallum raised their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, B. Riley upped their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $10.50.

Applied Digital Trading Up 5.3 %

The business’s 50-day simple moving average is $6.02 and its 200-day simple moving average is $4.97. The company has a market cap of $1.26 billion, a PE ratio of -11.82 and a beta of 4.56. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same period last year, the company earned ($0.10) earnings per share. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. As a group, analysts expect that Applied Digital Co. will post -1.12 EPS for the current fiscal year.

Insider Activity

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,000 shares of company stock worth $724,700 in the last three months. 20.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Applied Digital by 92.1% during the 1st quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock worth $10,384,000 after buying an additional 1,163,247 shares during the period. Hood River Capital Management LLC grew its stake in Applied Digital by 8.7% in 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 buying an additional 771,699 shares during the last quarter. Alight Capital Management LP bought a new position in Applied Digital in the 2nd quarter worth $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Applied Digital by 69.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock worth $5,614,000 after acquiring an additional 536,948 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.