Applied Digital (NASDAQ:APLD) Stock Price Up 3% - Time to Buy?

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) shot up 3% on Tuesday . The company traded as high as $5.80 and last traded at $5.79. 4,918,222 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 25,997,205 shares. The stock had previously closed at $5.62.

Analyst Upgrades and Downgrades

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

Applied Digital Trading Down 9.3 %

The company has a market cap of $1.26 billion, a price-to-earnings ratio of -3.27 and a beta of 4.69. The firm's 50-day moving average price is $7.48 and its 200 day moving average price is $7.98. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

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Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $62.41 million. During the same period in the prior year, the business earned ($0.05) EPS. The firm's revenue for the quarter was up 51.3% on a year-over-year basis. As a group, equities analysts expect that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the business's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction 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 approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System grew its stake in shares of Applied Digital by 65.6% in the 4th quarter. California State Teachers Retirement System now owns 162,561 shares of the company's stock worth $1,242,000 after acquiring an additional 64,425 shares in the last quarter. Polar Asset Management Partners Inc. bought a new stake in Applied Digital in the 4th quarter worth about $510,000. Mackenzie Financial Corp purchased a new stake in Applied Digital in the 4th quarter valued at about $92,000. GTS Securities LLC bought a new position in shares of Applied Digital during the 4th quarter worth approximately $196,000. Finally, Two Seas Capital LP purchased a new position in shares of Applied Digital in the 4th quarter worth approximately $5,062,000. 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.