Applied Digital (NASDAQ:APLD) Trading 7.4% Higher – Still a Buy?

Applied Digital Co. (NASDAQ:APLD) shot up 7.4% during trading on Friday . The stock traded as high as $7.45 and last traded at $7.37. 2,352,627 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 7,333,510 shares. The stock had previously closed at $6.86.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on APLD. B. Riley boosted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Craig Hallum increased their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Friday, November 1st. HC Wainwright increased their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. 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 research report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $10.50.

Applied Digital Stock Up 7.0 %

The company’s 50-day simple moving average is $7.21 and its two-hundred day simple moving average is $5.51. The firm has a market capitalization of $1.58 billion, a P/E ratio of -6.30 and a beta of 4.65. 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 data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same quarter in the prior year, the firm earned ($0.10) EPS. The business’s revenue was up 67.2% on a year-over-year basis. As a group, research analysts expect that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital 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 completion of the transaction, the director now directly owns 384,317 shares of the company’s stock, valued at $2,886,220.67. The trade was a 4.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the 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 approximately $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. Insiders have sold a total of 119,369 shares of company stock worth $870,161 in the last three months. Insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Applied Digital during the 3rd quarter worth about $59,000. Headlands Technologies LLC grew its position in shares of Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after acquiring an additional 6,933 shares during the period. ARS Investment Partners LLC acquired a new position in shares of Applied Digital during the 2nd quarter worth approximately $60,000. Beacon Harbor Wealth Advisors Inc. purchased a new position in Applied Digital during the third quarter valued at $83,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Applied Digital in the 3rd quarter worth about $88,000. 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.