Applied Digital (NASDAQ:APLD) Stock Price Up 0.2% – Time to Buy?

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

Analysts Set New Price Targets

A number of analysts recently commented on APLD shares. Roth Mkm reissued a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Cantor Fitzgerald reduced their price objective 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. Craig Hallum 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 Thursday, October 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Wednesday, January 15th. Finally, Lake Street Capital increased their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Digital presently has a consensus rating of “Buy” and a consensus price target of $11.29.

Applied Digital Price Performance

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 stock has a market capitalization of $2.07 billion, a PE ratio of -5.36 and a beta of 4.78. The stock’s 50-day moving average is $8.93 and its 200 day moving average is $7.04.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.05) earnings per share. As a group, equities analysts predict that Applied Digital Co. will post -0.8 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 the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 289,369 shares of company stock valued at $2,622,461. 11.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the company. R Squared Ltd acquired a new stake in shares of Applied Digital during the fourth quarter worth $36,000. KBC Group NV acquired a new position in Applied Digital in the fourth quarter valued at about $55,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Applied Digital in the third quarter valued at about $59,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in Applied Digital in the third quarter valued at about $83,000. Finally, Gunderson Capital Management Inc. acquired a new position in Applied Digital in the fourth quarter valued at about $83,000. 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.