Applied Digital (NASDAQ:APLD) Trading Up 2.3% – Time to Buy?

Applied Digital Co. (NASDAQ:APLD)’s stock price shot up 2.3% during trading on Wednesday . The company traded as high as $10.13 and last traded at $9.85. 9,166,740 shares were traded during mid-day trading, a decline of 61% from the average session volume of 23,787,850 shares. The stock had previously closed at $9.63.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on APLD shares. Northland Securities lifted their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Wednesday, January 15th. Compass Point assumed coverage on Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective on the stock. HC Wainwright raised their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Finally, Cantor Fitzgerald lowered their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital presently has an average rating of “Buy” and an average price target of $12.11.

Applied Digital Stock Up 4.6 %

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm’s fifty day simple moving average is $8.45 and its 200-day simple moving average is $7.43. The company has a market cap of $2.37 billion, a PE ratio of -6.16 and a beta of 4.77.

Applied Digital (NASDAQ:APLD) last posted its 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 for 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 revenue was up 51.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) EPS. As a group, equities research analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were 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 in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,000 shares of company stock valued at $2,477,000 over the last quarter. Insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds and other institutional investors have recently bought and sold shares of APLD. Charles Schwab Investment Management Inc. boosted its holdings in shares of Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after purchasing an additional 240,554 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Applied Digital during the third quarter worth about $545,000. Exchange Traded Concepts LLC boosted its stake in Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after buying an additional 273,666 shares during the last quarter. Barclays PLC boosted its stake in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after buying an additional 428,428 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in Applied Digital by 414.5% in the 4th quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock valued at $2,031,000 after buying an additional 214,133 shares during the period. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.