Applied Digital (NASDAQ:APLD) Trading 3% Higher – Time to Buy?

Shares of Applied Digital Co. (NASDAQ:APLD) traded up 3% during trading on Monday . The company traded as high as $8.09 and last traded at $8.02. 5,187,631 shares were traded during mid-day trading, a decline of 78% from the average session volume of 23,464,121 shares. The stock had previously closed at $7.79.

Analysts Set New Price Targets

APLD has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Wednesday, January 15th. Compass Point started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Cantor Fitzgerald cut their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Northland Securities raised their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Finally, HC Wainwright boosted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $12.11.

Applied Digital Trading Down 0.4 %

The stock has a market capitalization of $1.69 billion, a P/E ratio of -4.37 and a beta of 4.77. 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’s 50 day moving average price is $8.51 and its 200-day moving average price is $7.24.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results 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 for the quarter, compared to analyst estimates 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 was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. As a group, equities research analysts expect 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 the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following 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 Securities & Exchange Commission, which is available through this link. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, 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 a total of 270,000 shares of company stock valued at $2,477,000 in the last three months. 11.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock valued at $97,487,000 after buying an additional 3,587,619 shares during the period. Geode Capital Management LLC increased its holdings in Applied Digital by 54.4% in 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 in the last quarter. Van ECK Associates Corp raised its holdings in shares of Applied Digital by 113.8% during the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after buying an additional 2,344,572 shares during the period. Pertento Partners LLP raised its stake in shares of Applied Digital by 49.0% during the fourth quarter. Pertento Partners LLP now owns 2,528,717 shares of the company’s stock valued at $19,319,000 after purchasing an additional 831,705 shares during the period. Finally, State Street Corp boosted its position in Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after buying an additional 286,852 shares during 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.