Applied Digital (NASDAQ:APLD) Shares Up 3.7% - Time to Buy?

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) were up 3.7% during mid-day trading on Thursday . The company traded as high as $7.87 and last traded at $7.84. Approximately 5,675,385 shares were traded during trading, a decline of 75% from the average daily volume of 23,017,307 shares. The stock had previously closed at $7.56.

Analyst Upgrades and Downgrades

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

Applied Digital Stock Up 5.7 %

The company's fifty day simple moving average is $8.39 and its 200 day simple moving average is $7.35. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $2.15 billion, a PE ratio of -5.57 and a beta of 4.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.08. The company 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 firm's revenue for the quarter was up 51.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. Analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 3,875,955 shares of the company's stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, 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. Over the last 90 days, insiders sold 270,000 shares of company stock valued at $2,477,000. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

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