Applied Digital (NASDAQ:APLD) Stock Price Up 3.7% - Time to Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price traded up 3.7% during trading on Thursday . The stock traded as high as $7.87 and last traded at $7.84. 5,675,385 shares traded hands during trading, a decline of 75% from the average session volume of 23,017,307 shares. The stock had previously closed at $7.56.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Northland Securities lifted their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 4th. Compass Point assumed coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target for the company. Cantor Fitzgerald lowered their price target on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday, January 15th. HC Wainwright lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, January 15th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research report on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $12.11.

Applied Digital Stock Performance

The stock has a market cap of $2.03 billion, a price-to-earnings ratio of -5.27 and a beta of 4.77. The stock's fifty day moving average is $8.40 and its 200-day moving average is $7.32. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

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 analysts' consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $63.87 million during the quarter, compared to analysts' expectations of $62.41 million. During the same quarter in the previous year, the company earned ($0.05) earnings per share. The business's revenue for the quarter was up 51.3% on a year-over-year basis. On average, analysts forecast that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 50,000 shares of the business's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the sale, the director now owns 334,317 shares of the company's stock, valued at $3,075,716.40. The trade was a 13.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the business's stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 270,000 shares of company stock valued at $2,477,000. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

A number of institutional investors have recently made changes to their positions in APLD. Wilmington Savings Fund Society FSB lifted its position in shares of Applied Digital by 100.0% in 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 bought a new stake in shares of Applied Digital in the fourth quarter worth $36,000. US Bancorp DE acquired a new position in Applied Digital during the fourth quarter worth $37,000. Jones Financial Companies Lllp acquired a new stake in Applied Digital in the fourth quarter valued at $39,000. Finally, Spire Wealth Management acquired a new stake in Applied Digital in the fourth quarter valued at $43,000. 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.