Applied Digital (NASDAQ:APLD) Stock Price Up 4.1% - Still a Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report) was up 4.1% on Monday . The stock traded as high as $8.44 and last traded at $8.37. Approximately 2,549,647 shares traded hands during trading, a decline of 63% from the average daily volume of 6,911,259 shares. The stock had previously closed at $8.04.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on APLD shares. B. Riley lifted their target price on Applied Digital from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, September 13th. Lake Street Capital boosted their price objective on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. Needham & Company LLC restated a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Thursday, October 17th. Roth Mkm restated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. Finally, HC Wainwright boosted their price objective on Applied Digital from $5.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital has an average rating of "Buy" and an average target price of $10.50.

Applied Digital Stock Up 2.9 %

The company has a 50 day simple moving average of $6.38 and a two-hundred day simple moving average of $5.12. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $1.78 billion, a P/E ratio of -7.00 and a beta of 4.56.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to analysts' expectations of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The firm's revenue for the quarter was up 67.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.10) earnings per share. As a group, equities analysts predict that Applied Digital Co. will post -0.69 EPS for the current year.

Insider Activity

In other news, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now owns 208,506 shares of the company's stock, valued at approximately $1,670,133.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the company's stock in a transaction 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 in the company, valued at $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now owns 208,506 shares of the company's stock, valued at approximately $1,670,133.06. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 100,000 shares of company stock valued at $724,700. 20.50% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

A number of hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. acquired a new position in shares of Applied Digital during the first quarter worth $50,000. Headlands Technologies LLC increased its position in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company's stock worth $52,000 after purchasing an additional 6,933 shares in the last quarter. ARS Investment Partners LLC acquired a new position in shares of Applied Digital in the 2nd quarter valued at $60,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Applied Digital in the 3rd quarter valued at $88,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company's stock valued at $103,000 after acquiring an additional 3,182 shares during the period. 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.