Applied Digital (NASDAQ:APLD) Shares Up 1% – Time to Buy?

Applied Digital Co. (NASDAQ:APLD)’s share price traded up 1% during mid-day trading on Friday . The stock traded as high as $8.07 and last traded at $7.91. 12,092,395 shares were traded during mid-day trading, a decline of 56% from the average session volume of 27,694,162 shares. The stock had previously closed at $7.83.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on APLD. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. HC Wainwright increased their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Northland Securities boosted their price target on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald lowered their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital has an average rating of “Buy” and an average price target of $12.11.

Applied Digital Stock Up 2.0 %

The company’s fifty day simple moving average is $8.41 and its 200 day simple moving average is $7.64. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $1.78 billion, a PE ratio of -4.62 and a beta of 4.77.

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

Insider Activity

In related news, Director Richard N. Nottenburg sold 20,000 shares of the 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 completion of the transaction, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of APLD. Wilmington Savings Fund Society FSB lifted its holdings in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after purchasing an additional 2,000 shares during the last quarter. R Squared Ltd purchased a new position in Applied Digital during the fourth quarter valued at $36,000. US Bancorp DE bought a new stake in Applied Digital in the fourth quarter worth $37,000. Jones Financial Companies Lllp bought a new stake in Applied Digital in the fourth quarter worth $39,000. Finally, Spire Wealth Management purchased a new stake in shares of Applied Digital in the fourth quarter worth $43,000. 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.