Applied Digital (NASDAQ:APLD) Stock Price Up 1.8% – Still a Buy?

Applied Digital Co. (NASDAQ:APLD)’s share price was up 1.8% on Thursday . The company traded as high as $8.10 and last traded at $7.78. Approximately 4,296,481 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 8,718,619 shares. The stock had previously closed at $7.64.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on APLD shares. Lake Street Capital boosted 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. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Cantor Fitzgerald assumed coverage on Applied Digital in a report on Friday, December 20th. They issued an “overweight” rating and a $15.00 price target on the stock. HC Wainwright boosted their price objective on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Friday, November 1st. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $11.14.

Applied Digital Stock Performance

The stock has a market cap of $1.60 billion, a P/E ratio of -6.48 and a beta of 4.67. The stock has a fifty day simple moving average of $8.48 and a 200-day simple moving average of $6.75. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.10) earnings per share. Equities analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 50,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the sale, the director now directly 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction dated 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 $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 359,369 shares of company stock valued at $3,115,161. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in shares of Applied Digital by 18.4% in the third quarter. JPMorgan Chase & Co. now owns 56,355 shares of the company’s stock valued at $465,000 after purchasing an additional 8,774 shares during the last quarter. Tidal Investments LLC bought a new position in Applied Digital in the third quarter valued at $95,000. Virtu Financial LLC acquired a new stake in Applied Digital in the 3rd quarter valued at $2,030,000. Geode Capital Management LLC lifted its position in Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after buying an additional 1,002,862 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of Applied Digital by 736.8% during 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. 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.