Applied Digital (NASDAQ:APLD) Trading Up 2.3% - Still a Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shot up 2.3% on Wednesday . The stock traded as high as $10.13 and last traded at $9.85. 9,166,740 shares traded hands 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 Analyst Weigh In

Several analysts recently commented on APLD shares. Compass Point initiated coverage on Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target for the company. Northland Securities upped their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. HC Wainwright raised their price target 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. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, January 15th. Finally, Cantor Fitzgerald cut their price objective 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. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $12.11.

Applied Digital Stock Performance

The firm has a market cap of $2.37 billion, a PE ratio of -6.16 and a beta of 4.77. 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 firm's 50 day moving average price is $8.45 and its two-hundred day moving average price is $7.43.

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 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 company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period in the prior year, the business posted ($0.05) earnings per share. The firm's revenue for the quarter was up 51.3% compared to the same quarter last year. On average, research analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Buying and Selling

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the company's stock in a transaction 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 transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now owns 342,923 shares of the company's stock, valued at approximately $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. In the last ninety days, insiders sold 270,000 shares of company stock valued at $2,477,000. 11.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently modified their holdings of the company. Vontobel Holding Ltd. increased its stake in Applied Digital by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock worth $128,000 after purchasing an additional 1,500 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Applied Digital by 16.8% in the fourth 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 in the last quarter. Wilmington Savings Fund Society FSB grew its holdings in shares of Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after purchasing an additional 2,000 shares in the last quarter. Wellington Management Group LLP increased its stake in Applied Digital by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company's stock worth $309,000 after buying an additional 3,040 shares during the period. Finally, Amalgamated Bank lifted its holdings in Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company's stock worth $50,000 after buying an additional 3,473 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

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.