Applied Digital (NASDAQ:APLD) Trading Up 7.8% – Time to Buy?

Applied Digital Co. (NASDAQ:APLD) shot up 7.8% during mid-day trading on Thursday . The company traded as high as $7.43 and last traded at $7.21. 9,880,864 shares were traded during trading, a decline of 60% from the average session volume of 24,473,090 shares. The stock had previously closed at $6.69.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on APLD shares. Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Lake Street Capital boosted their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Compass Point began coverage on Applied Digital in a report on Tuesday. They issued a “buy” rating and a $10.00 target price on the stock. Craig Hallum upped their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $11.13.

Applied Digital Stock Performance

The firm has a market cap of $1.59 billion, a PE ratio of -4.12 and a beta of 4.78. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a 50-day simple moving average of $8.86 and a two-hundred day simple moving average of $7.09.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same period in the previous year, the firm earned ($0.05) EPS. The firm’s quarterly revenue was up 51.3% on a year-over-year basis. As a group, equities research analysts forecast that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Transactions at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the sale, the director now directly owns 384,317 shares in the company, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 289,369 shares of company stock worth $2,622,461 in the last quarter. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP bought a new position in Applied Digital in the 2nd quarter worth about $720,000. The Manufacturers Life Insurance Company boosted its position in shares of Applied Digital by 25.0% in the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock valued at $224,000 after acquiring an additional 7,517 shares during the period. Point72 Asset Management L.P. purchased a new position in Applied Digital during the second quarter valued at approximately $1,451,000. SG Americas Securities LLC bought a new stake in Applied Digital during the 3rd quarter worth approximately $426,000. Finally, Exchange Traded Concepts LLC increased its holdings in Applied Digital by 4.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 728,424 shares of the company’s stock worth $6,009,000 after acquiring an additional 34,166 shares during the period. 65.67% of the stock is currently owned by hedge funds and other 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.