Applied Digital (NASDAQ:APLD) Shares Up 3.7% – Still a Buy?

Applied Digital Co. (NASDAQ:APLD)’s stock price was up 3.7% during trading on Wednesday . The stock traded as high as $8.58 and last traded at $8.19. Approximately 11,309,251 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 27,022,111 shares. The stock had previously closed at $7.90.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Monday. Cantor Fitzgerald dropped their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Northland Securities increased their target price on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. HC Wainwright boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Finally, Compass Point started coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital presently has an average rating of “Buy” and a consensus target price of $12.11.

Applied Digital Stock Up 1.0 %

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -4.61 and a beta of 4.78. The firm has a 50-day moving average of $8.43 and a 200 day moving average of $7.58.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) 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 firm had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter last year, the company posted ($0.05) earnings per share. Applied Digital’s revenue was up 51.3% on a year-over-year basis. On average, sell-side analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds have recently added to or reduced their stakes in the business. Vontobel Holding Ltd. boosted its position in Applied Digital by 9.8% during the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock worth $128,000 after acquiring an additional 1,500 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Applied Digital by 16.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after purchasing an additional 1,692 shares in the last quarter. Wilmington Savings Fund Society FSB raised its holdings in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Applied Digital by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after acquiring an additional 3,040 shares during the period. Finally, Amalgamated Bank boosted its stake in shares of Applied Digital by 113.3% in the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock valued at $50,000 after purchasing an additional 3,473 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.