Applied Digital (NASDAQ:APLD) Shares Up 0.2% – Should You Buy?

Applied Digital Co. (NASDAQ:APLD)’s share price shot up 0.2% during mid-day trading on Thursday . The company traded as high as $8.97 and last traded at $8.63. 2,187,551 shares were traded during trading, a decline of 68% from the average session volume of 6,889,104 shares. The stock had previously closed at $8.61.

Analyst Ratings Changes

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

Applied Digital Trading Down 2.3 %

The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The business has a fifty day simple moving average of $6.38 and a 200 day simple moving average of $5.09. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -10.18 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The firm had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period in the prior year, the firm posted ($0.10) EPS. The company’s revenue for the quarter was up 67.2% on a year-over-year basis. As a group, research analysts expect that Applied Digital Co. will post -1.12 EPS for the current year.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the sale, the director now directly owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, October 17th. The stock was 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 directly 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 filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the sale, the director now owns 433,686 shares of the company’s stock, 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. In the last three months, insiders have sold 100,000 shares of company stock valued at $724,700. 20.50% of the stock is owned by corporate insiders.

Institutional Trading of Applied Digital

Institutional investors and hedge funds have recently modified their holdings of the business. Woodmont Investment Counsel LLC raised its position in Applied Digital by 4.2% in the first quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after purchasing an additional 10,149 shares during the last quarter. Principal Financial Group Inc. bought a new position in Applied Digital in the first quarter valued at about $50,000. Van ECK Associates Corp raised its position in Applied Digital by 92.1% in the first quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock valued at $10,384,000 after purchasing an additional 1,163,247 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position 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 valued at $5,614,000 after purchasing an additional 536,948 shares during the last quarter. Finally, Capstone Investment Advisors LLC raised its position in Applied Digital by 345.6% in the first quarter. Capstone Investment Advisors LLC now owns 51,746 shares of the company’s stock valued at $221,000 after purchasing an additional 40,134 shares during the last quarter. 65.67% of the stock is currently 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.