Applied Digital (NASDAQ:APLD) Trading 6.9% Higher – Should You Buy?

Applied Digital Co. (NASDAQ:APLD)’s share price rose 6.9% during mid-day trading on Tuesday . The company traded as high as $8.49 and last traded at $8.47. Approximately 3,998,566 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 8,617,928 shares. The stock had previously closed at $7.92.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on APLD shares. B. Riley increased their target price 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. HC Wainwright lifted their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Cantor Fitzgerald started coverage on Applied Digital in a report on Friday. They issued an “overweight” rating and a $15.00 price target for the company. Finally, Craig Hallum boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $11.14.

Applied Digital Trading Up 9.3 %

The stock has a market cap of $1.83 billion, a P/E ratio of -7.40 and a beta of 4.67. The firm’s fifty day moving average price is $8.47 and its two-hundred day moving average price is $6.57. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share 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 firm had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter last year, the firm posted ($0.10) EPS. The company’s revenue was up 67.2% compared to the same quarter last year. As a group, equities research analysts forecast that Applied Digital Co. will post -0.4 EPS for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value 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. The trade was a 4.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction, the director now owns 433,686 shares in the company, valued at $3,196,265.82. The trade was a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 359,369 shares of company stock worth $3,115,161 over the last three months. 11.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC raised its position in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Applied Digital during the third quarter valued at about $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Applied Digital in the third quarter worth about $83,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Applied Digital in the 3rd quarter valued at about $88,000. Finally, Chesapeake Capital Corp IL purchased a new stake in Applied Digital during the 3rd quarter valued at about $94,000. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Company Profile

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.