Applied Digital (NASDAQ:APLD) Shares Up 5.4% - Time to Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price shot up 5.4% on Wednesday . The stock traded as high as $6.42 and last traded at $6.42. 9,086,554 shares were traded during trading, a decline of 65% from the average session volume of 26,077,461 shares. The stock had previously closed at $6.09.

Wall Street Analyst Weigh In

APLD has been the subject of a number of recent analyst reports. Cantor Fitzgerald dropped their price target on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday, January 15th. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 target price on shares of Applied Digital in a report on Monday, February 24th. HC Wainwright raised their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Northland Securities boosted their price objective on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, February 4th. Finally, Compass Point initiated coverage on Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price for the company. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $12.11.

Applied Digital Stock Down 9.3 %

The business has a 50-day moving average of $7.48 and a 200 day moving average of $7.98. The company has a market capitalization of $1.26 billion, a PE ratio of -3.27 and a beta of 4.69. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

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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. Equities research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the company's stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently added to or reduced their stakes in APLD. Wilmington Savings Fund Society FSB lifted its stake in shares of Applied Digital by 100.0% in the 4th 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 during the last quarter. R Squared Ltd bought a new stake in Applied Digital in the fourth quarter worth $36,000. US Bancorp DE purchased a new position in Applied Digital during the fourth quarter worth $37,000. Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital in the fourth quarter valued at $39,000. Finally, Spire Wealth Management bought a new stake in shares of Applied Digital in the 4th quarter worth about $43,000. 65.67% of the stock is 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.