Applied Digital (NASDAQ:APLD) Trading 4.1% Higher – Time to Buy?

Applied Digital Co. (NASDAQ:APLD)’s stock price was up 4.1% during mid-day trading on Monday . The stock traded as high as $8.44 and last traded at $8.37. Approximately 2,549,647 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 6,911,259 shares. The stock had previously closed at $8.04.

Analyst Ratings Changes

Several research analysts recently issued reports on APLD shares. B. Riley increased their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Lake Street Capital increased their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Thursday, October 17th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Finally, HC Wainwright raised their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $10.50.

Applied Digital Trading Down 4.8 %

The company has a market cap of $1.69 billion, a price-to-earnings ratio of -9.96 and a beta of 4.56. The company’s fifty day moving average price is $6.54 and its two-hundred day moving average price is $5.19. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate 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 business had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same period in the prior year, the firm earned ($0.10) earnings per share. Applied Digital’s revenue was up 67.2% compared to the same quarter last year. Research analysts expect that Applied Digital Co. will post -0.69 earnings per share for the current year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Richard N. Nottenburg sold 80,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,000 shares of company stock valued at $724,700 over the last three months. 20.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Hood River Capital Management LLC boosted its stake in Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after acquiring an additional 771,699 shares during the last quarter. Vanguard Group Inc. boosted its stake in Applied Digital by 70.2% in the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after acquiring an additional 2,547,485 shares during the last quarter. Van ECK Associates Corp boosted its stake in Applied Digital by 18.3% in the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after acquiring an additional 443,699 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Applied Digital by 69.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock worth $5,614,000 after purchasing an additional 536,948 shares during the period. Finally, B. Riley Wealth Advisors Inc. raised its holdings in Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after purchasing an additional 308,223 shares during the period. 65.67% of the stock is owned by institutional investors.

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.