Applied Digital (NASDAQ:APLD) Shares Up 9% - Still a Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s share price was up 9% on Monday . The company traded as high as $9.75 and last traded at $9.70. Approximately 5,671,161 shares changed hands during trading, a decline of 32% from the average daily volume of 8,336,955 shares. The stock had previously closed at $8.90.

Analysts Set New Price Targets

Several analysts recently issued reports on APLD shares. Craig Hallum increased their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Roth Mkm reissued a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. HC Wainwright raised their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. Needham & Company LLC reiterated a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. Finally, B. Riley boosted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Friday, September 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital currently has an average rating of "Buy" and a consensus price target of $10.50.

Applied Digital Stock Performance

The firm has a market cap of $2.11 billion, a PE ratio of -8.29 and a beta of 4.67. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm has a fifty day moving average price of $8.31 and a 200 day moving average price of $6.39.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data 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 return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same period in the previous year, the business earned ($0.10) EPS. Applied Digital's revenue for the quarter was up 67.2% compared to the same quarter last year. As a group, equities research analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of the business'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 value of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares of the company's stock, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the transaction, the director now owns 208,506 shares of the company's stock, valued at $1,670,133.06. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 359,369 shares of company stock valued at $3,115,161 in the last 90 days. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Headlands Technologies LLC boosted its stake in shares of Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock valued at $52,000 after buying an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital in the third quarter valued at about $59,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of Applied Digital in the 3rd quarter worth approximately $83,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Applied Digital in the 3rd quarter worth approximately $88,000. Finally, Chesapeake Capital Corp IL acquired a new position in shares of Applied Digital during the 3rd quarter valued at $94,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

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.