Applied Digital (NASDAQ:APLD) Stock Price Up 7.4% – Time to Buy?

Applied Digital Co. (NASDAQ:APLD)’s stock price was up 7.4% during mid-day trading on Monday . The stock traded as high as $7.69 and last traded at $7.59. Approximately 6,604,657 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 26,206,820 shares. The stock had previously closed at $7.07.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Compass Point started coverage on Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective for the company. HC Wainwright increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Northland Securities boosted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Monday, February 24th. Finally, Cantor Fitzgerald lowered their price objective on shares of 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, Applied Digital has an average rating of “Buy” and a consensus target price of $12.11.

Applied Digital Trading Down 6.9 %

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 company has a market capitalization of $1.66 billion, a P/E ratio of -4.30 and a beta of 4.69. The business has a fifty day moving average price of $7.92 and a 200 day moving average price of $8.02.

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

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of the company’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 owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB boosted its holdings in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. R Squared Ltd bought a new stake in Applied Digital during the fourth quarter worth $36,000. US Bancorp DE acquired a new stake in Applied Digital in the fourth quarter valued at $37,000. Jones Financial Companies Lllp bought a new position in shares of Applied Digital in the 4th quarter valued at about $39,000. Finally, Spire Wealth Management acquired a new position in shares of Applied Digital during the 4th quarter worth about $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.