Applied Digital (NASDAQ:APLD) Stock Price Up 3% – Still a Buy?

Applied Digital Co. (NASDAQ:APLD) was up 3% during trading on Thursday . The company traded as high as $8.90 and last traded at $8.34. Approximately 13,410,298 shares changed hands during trading, a decline of 51% from the average daily volume of 27,230,598 shares. The stock had previously closed at $8.10.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on APLD. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. HC Wainwright boosted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Monday. Northland Securities boosted their price target on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Finally, Cantor Fitzgerald cut their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $12.11.

Applied Digital Stock Performance

The stock has a market cap of $1.75 billion, a PE ratio of -4.53 and a beta of 4.78. The stock has a fifty day simple moving average of $8.41 and a two-hundred day simple moving average of $7.59. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the previous year, the business posted ($0.05) EPS. The firm’s revenue was up 51.3% compared to the same quarter last year. Equities analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the sale, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of APLD. Private Advisor Group LLC raised its position in shares of Applied Digital by 159.7% during the 3rd quarter. Private Advisor Group LLC now owns 38,700 shares of the company’s stock valued at $319,000 after acquiring an additional 23,800 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Applied Digital in the 3rd quarter worth about $88,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of Applied Digital in the 3rd quarter valued at about $83,000. Victory Capital Management Inc. raised its stake in Applied Digital by 72.5% during the third quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock worth $161,000 after acquiring an additional 8,212 shares during the period. Finally, Royce & Associates LP lifted its holdings in Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after acquiring an additional 15,763 shares during the last quarter. 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.