Applied Digital (NASDAQ:APLD) Stock Price Up 1.7% - Time to Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares were up 1.7% on Wednesday . The stock traded as high as $7.18 and last traded at $7.13. Approximately 3,296,112 shares traded hands during trading, a decline of 88% from the average daily volume of 26,598,998 shares. The stock had previously closed at $7.01.

Analyst Upgrades and Downgrades

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

Applied Digital Stock Down 3.0 %

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market cap of $1.58 billion, a PE ratio of -4.09 and a beta of 4.69. The business's 50-day simple moving average is $7.93 and its 200 day simple moving average is $7.94.

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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, beating the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital's revenue was up 51.3% compared to the same quarter last year. During the same period last year, the company posted ($0.05) earnings per share. As a group, equities research analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now owns 342,923 shares of the company's stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 11.81% of the company's stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB increased its position in shares of Applied Digital by 100.0% during the fourth 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 position in Applied Digital during the 4th quarter worth $36,000. US Bancorp DE acquired a new position in Applied Digital during the 4th quarter valued at about $37,000. Jones Financial Companies Lllp purchased a new stake in Applied Digital in the fourth quarter valued at about $39,000. Finally, Spire Wealth Management acquired a new stake in Applied Digital in the fourth quarter worth about $43,000. 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.