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Applied Digital (NASDAQ:APLD) Trading 5.1% Higher - Should You Buy?

Applied Digital logo with Finance background

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded up 5.1% during mid-day trading on Friday . The company traded as high as $10.20 and last traded at $10.15. 2,481,360 shares were traded during trading, a decline of 69% from the average session volume of 7,914,301 shares. The stock had previously closed at $9.66.

Analyst Ratings Changes

Several brokerages have recently commented on APLD. B. Riley raised their target price on Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Friday, September 13th. Lake Street Capital boosted their price objective on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a report on Thursday, October 10th. HC Wainwright upped their target price on Applied Digital from $5.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Craig Hallum lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC restated a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $10.50.

Get Our Latest Stock Analysis on APLD

Applied Digital Stock Performance

The company has a 50-day moving average of $7.97 and a 200-day moving average of $6.01. The company has a market cap of $2.18 billion, a PE ratio of -8.63 and a beta of 4.65. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same quarter in the prior year, the business posted ($0.10) EPS. The business's revenue was up 67.2% compared to the same quarter last year. As a group, analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Wes Cummins sold 200,000 shares of the business's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares of the company's stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm's stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now owns 218,506 shares of the company's stock, valued at $1,201,783. This trade represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 369,369 shares of company stock valued at $3,170,161 in the last 90 days. 11.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of APLD. B. Riley Wealth Advisors Inc. boosted its position in Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company's stock worth $4,609,000 after purchasing an additional 308,223 shares during the period. Alight Capital Management LP bought a new position in Applied Digital in the 2nd quarter worth approximately $3,570,000. Marshall Wace LLP purchased a new position in Applied Digital in the 2nd quarter valued at approximately $720,000. Vanguard Group Inc. raised its holdings in Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company's stock valued at $26,434,000 after acquiring an additional 2,547,485 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Applied Digital during the second quarter worth $1,451,000. 65.67% of the stock is owned by institutional investors.

Applied Digital Company Profile

(Get Free Report)

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.

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