Applied Digital (NASDAQ:APLD) Trading 10.1% Higher – Should You Buy?

Applied Digital Co. (NASDAQ:APLD) shares rose 10.1% on Friday . The stock traded as high as $8.63 and last traded at $8.59. Approximately 5,429,238 shares changed hands during trading, a decline of 29% from the average daily volume of 7,678,491 shares. The stock had previously closed at $7.80.

Analyst Ratings Changes

APLD has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Friday, November 1st. Lake Street Capital raised their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. HC Wainwright lifted their price objective on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Cantor Fitzgerald started coverage on Applied Digital in a research note on Friday, December 20th. They issued an “overweight” rating and a $15.00 price target for the company. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $11.14.

Applied Digital Trading Up 16.8 %

The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The company has a market cap of $1.92 billion, a PE ratio of -7.79 and a beta of 4.67. The stock has a 50 day moving average price of $8.50 and a 200 day moving average price of $6.78.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.10) earnings per share. Sell-side analysts predict that Applied Digital Co. will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total value of $145,461.19. Following the sale, the director now directly owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. The trade was a 4.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the transaction, the director now owns 208,506 shares of the company’s stock, valued at $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 359,369 shares of company stock worth $3,115,161. 11.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently bought and sold shares of APLD. Hood River Capital Management LLC raised its holdings 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 worth $57,098,000 after buying an additional 771,699 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after acquiring an additional 1,002,862 shares in the last quarter. State Street Corp raised its holdings in Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after acquiring an additional 286,852 shares during the last quarter. Royce & Associates LP lifted its position in Applied Digital by 1.4% in the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after acquiring an additional 15,763 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after purchasing an additional 240,554 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

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.