Applied Digital (NASDAQ:APLD) Trading Up 1% - Still a Buy?

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) shot up 1% on Friday . The stock traded as high as $8.07 and last traded at $7.91. 12,092,395 shares were traded during trading, a decline of 56% from the average session volume of 27,694,162 shares. The stock had previously closed at $7.83.

Analysts Set New Price Targets

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

Applied Digital Price Performance

The company has a market cap of $1.53 billion, a PE ratio of -3.98 and a beta of 4.77. The stock has a fifty day simple moving average of $8.41 and a two-hundred day simple moving average of $7.67. 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 announced its quarterly earnings data 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 firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the prior year, the company posted ($0.05) earnings per share. Applied Digital's quarterly revenue was up 51.3% on a year-over-year basis. On average, equities analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the company'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 sale, the director now owns 342,923 shares of the company's stock, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB increased its position in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Applied Digital during the fourth quarter worth about $36,000. US Bancorp DE acquired a new position in shares of Applied Digital in the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp purchased a new position in shares of Applied Digital during the fourth quarter valued at approximately $39,000. Finally, Spire Wealth Management acquired a new stake in Applied Digital during the fourth quarter worth approximately $43,000. 65.67% of the stock is owned by institutional investors and hedge funds.

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.