Applied Digital (NASDAQ:APLD) Trading Up 3% – Still a Buy?

Shares of Applied Digital Co. (NASDAQ:APLD) were up 3% on Thursday . The stock traded as high as $8.90 and last traded at $8.34. Approximately 13,410,298 shares changed hands during trading, a decline of 51% from the average daily volume of 27,230,598 shares. The stock had previously closed at $8.10.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on APLD shares. Cantor Fitzgerald dropped their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Northland Securities upped their price target on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Compass Point initiated coverage on Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price target for the company. Finally, HC Wainwright upped their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital currently has an average rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Up 2.0 %

The company has a market capitalization of $1.78 billion, a PE ratio of -4.62 and a beta of 4.77. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The company has a 50-day moving average of $8.41 and a two-hundred day moving average of $7.62.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.05) earnings per share. Sell-side analysts anticipate that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the sale, the director now directly owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vontobel Holding Ltd. raised its holdings in Applied Digital by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock valued at $128,000 after acquiring an additional 1,500 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Applied Digital by 16.8% in the fourth 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 during the last quarter. Wilmington Savings Fund Society FSB increased its holdings in shares of Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after purchasing an additional 3,040 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in shares of Applied Digital by 113.3% in the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock worth $50,000 after purchasing an additional 3,473 shares during the last quarter. 65.67% of the stock is owned by 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.