Applied Digital (NASDAQ:APLD) Trading 0.2% Higher – Still a Buy?

Applied Digital Co. (NASDAQ:APLD)’s share price rose 0.2% during mid-day trading on Tuesday . The company traded as high as $9.09 and last traded at $8.92. Approximately 6,275,192 shares traded hands during trading, a decline of 73% from the average daily volume of 22,848,340 shares. The stock had previously closed at $8.90.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on APLD shares. Craig Hallum raised their price target 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. Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Cantor Fitzgerald cut their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. HC Wainwright lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Finally, Lake Street Capital upped their target price 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. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital currently has an average rating of “Buy” and a consensus price target of $11.29.

Applied Digital Stock Up 5.4 %

The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a fifty day moving average price of $8.84 and a 200 day moving average price of $7.00. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of -5.42 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last released 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 the consensus estimate of $62.41 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The firm’s revenue was up 51.3% on a year-over-year basis. As a group, sell-side analysts expect that Applied Digital Co. will post -0.8 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the sale, the director now directly owns 334,317 shares in the company, valued at $3,075,716.40. This represents a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 269,369 shares of company stock worth $2,445,461. 11.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Applied Digital in the third quarter valued at $59,000. Beacon Harbor Wealth Advisors Inc. acquired a new stake in Applied Digital during the 3rd quarter worth approximately $83,000. Gunderson Capital Management Inc. acquired a new stake in shares of Applied Digital in the fourth quarter worth $83,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Applied Digital during the third quarter worth about $88,000. Finally, Nisa Investment Advisors LLC lifted its position in Applied Digital by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after acquiring an additional 1,692 shares in the last quarter. Institutional investors and hedge funds 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.