Applied Digital (NASDAQ:APLD) Stock Price Up 0.2% - Time to Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) shares rose 0.2% during trading on Thursday . The company traded as high as $8.97 and last traded at $8.63. Approximately 2,187,551 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 6,889,104 shares. The stock had previously closed at $8.61.

Analyst Ratings Changes

A number of brokerages recently weighed in on APLD. Needham & Company LLC restated a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research report on Thursday, October 17th. Roth Mkm restated a "buy" rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Lake Street Capital raised their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. HC Wainwright boosted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th. Finally, Craig Hallum raised their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $10.50.

Applied Digital Stock Performance

The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -10.42 and a beta of 4.56. The stock's 50-day moving average is $6.30 and its 200 day moving average is $5.06. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08.

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

Insider Activity at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred 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 transaction, the director now directly owns 218,506 shares of the company's stock, valued at $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the company's stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares of the company's stock, valued at $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the firm's stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares in the company, valued at $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 100,000 shares of company stock valued at $724,700 over the last 90 days. 20.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company's stock valued at $26,434,000 after purchasing an additional 2,547,485 shares during the period. Van ECK Associates Corp lifted its stake in shares of Applied Digital by 92.1% in the 1st quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company's stock valued at $10,384,000 after purchasing an additional 1,163,247 shares during the period. Hood River Capital Management LLC grew its position 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 buying an additional 771,699 shares during the period. Alight Capital Management LP bought a new stake in Applied Digital in the second quarter valued at approximately $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in 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 valued at $5,614,000 after acquiring an additional 536,948 shares during the period. 65.67% of the stock is currently 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.