Applied Digital (NASDAQ:APLD) Trading Up 0.2% – Still a Buy?

Applied Digital Co. (NASDAQ:APLD)’s share price was up 0.2% on Tuesday . The company traded as high as $9.09 and last traded at $8.92. Approximately 6,275,192 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 22,848,340 shares. The stock had previously closed at $8.90.

Analyst Ratings Changes

APLD has been the subject of several recent analyst reports. Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Lake Street Capital increased their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Cantor Fitzgerald cut their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Finally, HC Wainwright upped their price target 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. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $11.29.

Applied Digital Stock Up 5.4 %

The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of -5.42 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 business’s 50-day moving average is $8.84 and its two-hundred day moving average is $7.00.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period in the prior year, the business earned ($0.05) earnings per share. The business’s revenue was up 51.3% compared to the same quarter last year. Equities analysts anticipate that Applied Digital Co. will post -0.8 EPS for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now owns 384,317 shares of the company’s stock, valued at $2,886,220.67. This trade represents a 4.80 % 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. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction 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. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 269,369 shares of company stock valued at $2,445,461 in the last three months. 11.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently made changes to their positions in the stock. Hood River Capital Management LLC lifted its stake in Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after purchasing an additional 771,699 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after buying an additional 1,002,862 shares during the period. State Street Corp lifted its stake in Applied Digital by 14.0% during 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 in the last quarter. Royce & Associates LP boosted its holdings in Applied Digital by 1.4% during 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 during the period. Finally, Exchange Traded Concepts LLC grew its position in Applied Digital by 37.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after acquiring an additional 273,666 shares in the last quarter. Hedge funds and other 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.