Applied Digital (NASDAQ:APLD) Stock Price Up 3% - Should You Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares rose 3% during trading on Thursday . The stock traded as high as $8.90 and last traded at $8.34. Approximately 13,410,298 shares traded hands during trading, a decline of 51% from the average daily volume of 27,230,598 shares. The stock had previously closed at $8.10.

Wall Street Analysts Forecast Growth

APLD has been the topic of several recent research reports. HC Wainwright raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. Needham & Company LLC reissued a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Monday, February 24th. Northland Securities lifted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective on the stock. Finally, Cantor Fitzgerald decreased their price objective 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. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $12.11.

Applied Digital Trading Up 11.1 %

The business's 50 day simple moving average is $8.33 and its two-hundred day simple moving average is $7.71. The stock has a market cap of $1.71 billion, a P/E ratio of -4.45 and a beta of 4.69. The company has a quick ratio of 0.77, a current 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 issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates 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 quarter in the previous year, the business earned ($0.05) earnings per share. As a group, analysts expect that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the business's stock in a transaction 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 in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.81% of the stock is owned by company insiders.

Hedge Funds 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 lifted its holdings in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after buying an additional 2,000 shares during the period. R Squared Ltd acquired a new position in Applied Digital in the fourth quarter valued at $36,000. US Bancorp DE acquired a new position in Applied Digital in the fourth quarter valued at $37,000. Jones Financial Companies Lllp acquired a new position in Applied Digital in the fourth quarter valued at $39,000. Finally, Spire Wealth Management bought a new stake in Applied Digital in the fourth quarter valued at $43,000. Institutional investors and hedge funds own 65.67% of the company's stock.

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.