Applied Digital (NASDAQ:APLD) Shares Up 1.3% - Time to Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price rose 1.3% during trading on Wednesday . The stock traded as high as $7.11 and last traded at $7.01. Approximately 6,582,229 shares were traded during trading, a decline of 77% from the average daily volume of 28,320,756 shares. The stock had previously closed at $6.92.

Analyst Ratings Changes

Several research firms recently weighed in on APLD. Compass Point assumed coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective for the company. HC Wainwright raised their price objective 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. Northland Securities upped their target price on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Needham & Company LLC reissued a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Finally, Cantor Fitzgerald reduced their price objective on Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $12.11.

Applied Digital Trading Down 13.5 %

The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -3.63 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The business has a fifty day moving average price of $8.26 and a 200 day moving average price of $7.78.

Remove Ads

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

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction 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 owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 11.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in APLD. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Applied Digital during the third quarter worth $88,000. Victory Capital Management Inc. grew its holdings in shares of Applied Digital by 72.5% during the third quarter. Victory Capital Management Inc. now owns 19,535 shares of the company's stock valued at $161,000 after purchasing an additional 8,212 shares during the last quarter. Royce & Associates LP raised its position in shares of Applied Digital by 1.4% during the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company's stock worth $9,340,000 after purchasing an additional 15,763 shares during the period. Chesapeake Capital Corp IL bought a new stake in shares of Applied Digital in the 3rd quarter worth approximately $94,000. Finally, Intech Investment Management LLC bought a new position in Applied Digital during the 3rd quarter worth $115,000. Institutional investors and hedge funds 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.