Applied Digital (NASDAQ:APLD) Reaches New 12-Month High – Should You Buy?

Applied Digital Co. (NASDAQ:APLD)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $9.64 and last traded at $9.26, with a volume of 1667322 shares trading hands. The stock had previously closed at $9.16.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. B. Riley raised their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Friday, November 1st. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum upped their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Lake Street Capital increased 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. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $10.50.

Applied Digital Price Performance

The company’s 50 day simple moving average is $7.42 and its two-hundred day simple moving average is $5.69. The stock has a market capitalization of $1.97 billion, a P/E ratio of -8.15 and a beta of 4.65. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (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 the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm’s revenue was up 67.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.10) earnings per share. As a group, equities analysts expect that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Thursday, October 17th. The shares were 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 in the company, valued at $1,670,133.06. The trade was a 4.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,369 shares of company stock valued at $870,161 in the last ninety days. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently bought and sold shares of APLD. Headlands Technologies LLC lifted its position in Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Applied Digital during the 3rd quarter valued at approximately $59,000. ARS Investment Partners LLC bought a new position in shares of Applied Digital during the 2nd quarter valued at approximately $60,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in Applied Digital in the third quarter worth $83,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Applied Digital during the third quarter valued at $88,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.