Applied Digital (NASDAQ:APLD) Trading Up 1% – Time to Buy?

Shares of Applied Digital Co. (NASDAQ:APLD) traded up 1% on Friday . The stock traded as high as $8.07 and last traded at $7.91. 12,092,395 shares were traded during trading, a decline of 56% from the average session volume of 27,694,162 shares. The stock had previously closed at $7.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on APLD shares. Northland Securities boosted their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. HC Wainwright upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Compass Point began coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Monday, February 24th. Finally, Cantor Fitzgerald reduced their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Up 2.0 %

The company has a market cap of $1.78 billion, a P/E 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 200-day moving average of $7.64.

Applied Digital (NASDAQ:APLD) last issued 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. The firm had revenue of $63.87 million during 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%. The company’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) EPS. On average, equities analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital 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 completion of the sale, the director now owns 342,923 shares of the company’s stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently modified their holdings of APLD. Hood River Capital Management LLC grew its position in Applied Digital by 10.7% during the fourth quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company’s stock valued at $115,726,000 after acquiring an additional 1,464,854 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock valued at $97,487,000 after purchasing an additional 3,587,619 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after purchasing an additional 1,665,335 shares during the last quarter. Van ECK Associates Corp raised its position in Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after purchasing an additional 2,344,572 shares during the period. Finally, Pertento Partners LLP lifted its stake in Applied Digital by 49.0% in the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company’s stock worth $19,319,000 after purchasing an additional 831,705 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.