Applied Digital (NASDAQ:APLD) Trading Up 0.9% – Time to Buy?

Applied Digital Co. (NASDAQ:APLD) shares rose 0.9% during mid-day trading on Thursday . The company traded as high as $9.79 and last traded at $9.73. Approximately 4,692,250 shares were traded during trading, a decline of 79% from the average daily volume of 22,679,406 shares. The stock had previously closed at $9.64.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on APLD shares. Lake Street Capital lifted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Wednesday, January 15th. Cantor Fitzgerald lowered their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Finally, HC Wainwright upped their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital has a consensus rating of “Buy” and an average price target of $11.29.

Applied Digital Price Performance

The stock has a market cap of $2.00 billion, a PE ratio of -5.18 and a beta of 4.78. The company has a 50-day simple moving average of $9.01 and a 200-day simple moving average of $7.07. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

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 business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business’s revenue was up 51.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.05) EPS. Sell-side analysts anticipate that Applied Digital Co. will post -0.8 EPS for the current fiscal year.

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 50,000 shares of the firm’s stock in a transaction dated 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 directly owns 334,317 shares in the company, valued at approximately $3,075,716.40. This trade represents a 13.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 289,369 shares of company stock worth $2,622,461. Company insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. R Squared Ltd acquired a new stake in Applied Digital during the 4th quarter valued at $36,000. Spire Wealth Management purchased a new stake in shares of Applied Digital in the fourth quarter valued at $43,000. KBC Group NV acquired a new stake in shares of Applied Digital during the fourth quarter valued at $55,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Applied Digital during the 3rd quarter worth about $59,000. Finally, Beacon Harbor Wealth Advisors Inc. acquired a new position in Applied Digital in the 3rd quarter valued at about $83,000. 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.