Applied Digital (NASDAQ:APLD) Trading Up 1.8% – Time to Buy?

Applied Digital Co. (NASDAQ:APLD)’s stock price was up 1.8% on Thursday . The company traded as high as $8.10 and last traded at $7.78. Approximately 4,296,481 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 8,718,619 shares. The stock had previously closed at $7.64.

Analyst Upgrades and Downgrades

APLD has been the subject of several recent analyst reports. B. Riley upped their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Friday, November 1st. Craig Hallum upped their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $11.14.

Applied Digital Trading Up 16.8 %

The business has a 50-day moving average price of $8.50 and a 200-day moving average price of $6.78. 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 firm has a market capitalization of $1.92 billion, a P/E ratio of -7.79 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same period last year, the firm earned ($0.10) EPS. The firm’s revenue for the quarter was up 67.2% compared to the same quarter last year. Analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the 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 sale, the director now directly owns 208,506 shares in the company, valued at $1,670,133.06. This represents 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, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 359,369 shares of company stock valued at $3,115,161. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. Hood River Capital Management LLC lifted its position in 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after purchasing an additional 1,002,862 shares in the last quarter. State Street Corp grew its stake in shares of Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after purchasing an additional 286,852 shares during the last quarter. Royce & Associates LP increased its holdings in shares of Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after purchasing an additional 15,763 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after purchasing an additional 240,554 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.