Applied Digital (NASDAQ:APLD) Shares Up 7.2% - Still a Buy?

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) shot up 7.2% during mid-day trading on Tuesday . The stock traded as high as $9.40 and last traded at $9.34. 6,108,587 shares traded hands during trading, a decline of 11% from the average session volume of 6,848,410 shares. The stock had previously closed at $8.71.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a research note on Thursday, October 17th. B. Riley raised their price target on Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a report on Friday, September 13th. Craig Hallum boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Lake Street Capital raised their target price on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Finally, Roth Mkm reiterated a "buy" rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has an average rating of "Buy" and an average price target of $10.50.

Applied Digital Trading Up 4.8 %

The business has a 50-day moving average price of $6.12 and a two-hundred day moving average price of $5.01. The company has a market cap of $1.25 billion, a P/E ratio of -11.56 and a beta of 4.56. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same quarter last year, the firm earned ($0.10) EPS. The company's revenue for the quarter was up 67.2% on a year-over-year basis. On average, analysts predict that Applied Digital Co. will post -1.12 EPS for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares in the company, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the transaction, the director now owns 433,686 shares in the company, valued at $3,196,265.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,000 shares of company stock worth $724,700. Insiders own 20.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Applied Digital by 70.2% during the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company's stock worth $26,434,000 after purchasing an additional 2,547,485 shares in the last quarter. Van ECK Associates Corp boosted its position in Applied Digital by 92.1% during the 1st quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company's stock worth $10,384,000 after acquiring an additional 1,163,247 shares during the last quarter. Hood River Capital Management LLC grew its stake in shares of Applied Digital by 8.7% during the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company's stock worth $57,098,000 after acquiring an additional 771,699 shares in the last quarter. Alight Capital Management LP bought a new position in shares of Applied Digital during the 2nd quarter worth approximately $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Applied Digital by 69.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company's stock worth $5,614,000 after purchasing an additional 536,948 shares in the last quarter. 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.