Applied Digital (NASDAQ:APLD) Shares Up 4.1% – Still a Buy?

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. B. Riley increased their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Thursday, October 17th. 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. HC Wainwright lifted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $10.50.

Applied Digital Price Performance

The company’s 50-day simple moving average is $6.38 and its 200 day simple moving average is $5.12. The company has a market cap of $1.78 billion, a PE ratio of -7.00 and a beta of 4.56. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The business had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter last year, the business posted ($0.10) EPS. The business’s quarterly revenue was up 67.2% compared to the same quarter last year. On average, sell-side analysts predict that Applied Digital Co. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares in the company, valued at $1,670,133.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction 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 completion of the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 100,000 shares of company stock worth $724,700 over the last ninety days. Corporate insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in APLD. Hood River Capital Management LLC raised its stake 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 valued at $57,098,000 after acquiring an additional 771,699 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of 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 in the last quarter. Van ECK Associates Corp increased its stake in shares of Applied Digital by 18.3% during the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after acquiring an additional 443,699 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Applied Digital by 69.3% during 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 acquiring an additional 536,948 shares during the period. Finally, B. Riley Wealth Advisors Inc. raised its holdings in Applied Digital by 66.1% during 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 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.