Applied Digital (NASDAQ:APLD) Sets New 1-Year High - Still a Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares reached a new 52-week high on Friday . The stock traded as high as $12.48 and last traded at $11.57, with a volume of 19667750 shares traded. The stock had previously closed at $10.18.

Analysts Set New Price Targets

APLD has been the subject of a number of recent research reports. Needham & Company LLC reissued a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research report on Wednesday, January 15th. HC Wainwright raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Wednesday, January 15th. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective on the stock. Cantor Fitzgerald dropped their target price on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a report on Wednesday, January 15th. Finally, Northland Securities raised their price target on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, February 4th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $12.11.

Applied Digital Stock Up 4.6 %

The company has a fifty day moving average price of $8.45 and a 200-day moving average price of $7.43. The stock has a market capitalization of $2.37 billion, a P/E ratio of -6.16 and a beta of 4.77. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million for the quarter, compared to analysts' expectations of $62.41 million. During the same period in the prior year, the firm earned ($0.05) EPS. The company's revenue for the quarter was up 51.3% on a year-over-year basis. As a group, research analysts forecast that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the business's stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares of the company's stock, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm'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 sale, the director now directly 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 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 90 days. 11.81% of the stock is owned by corporate insiders.

Institutional Trading of Applied Digital

A number of institutional investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. raised its stake in shares of Applied Digital by 9.8% in the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after acquiring an additional 1,500 shares during the period. Nisa Investment Advisors LLC grew its holdings in Applied Digital by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after purchasing an additional 1,692 shares during the last quarter. Wilmington Savings Fund Society FSB raised its position in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after purchasing an additional 2,000 shares during the period. Wellington Management Group LLP lifted its stake in Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock worth $309,000 after purchasing an additional 3,040 shares during the last quarter. Finally, Amalgamated Bank boosted its position in shares of Applied Digital by 113.3% during the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after buying an additional 3,473 shares during the period. 65.67% of the stock is currently owned by institutional investors.

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.