Applied Digital (NASDAQ:APLD) Hits New 1-Year High – Still a Buy?

Applied Digital Co. (NASDAQ:APLD)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $9.64 and last traded at $9.26, with a volume of 1667322 shares trading hands. The stock had previously closed at $9.16.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report 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 report on Thursday, October 10th. HC Wainwright raised their target price on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Friday, November 1st. Finally, Craig Hallum lifted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $10.50.

Applied Digital Stock Up 4.5 %

The company has a market cap of $1.97 billion, a price-to-earnings ratio of -8.15 and a beta of 4.65. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average price is $7.42 and its 200-day moving average price is $5.69.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.10) EPS. Sell-side analysts predict that Applied Digital Co. will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the sale, the director now owns 218,506 shares of the company’s stock, valued at $1,201,783. The trade was a 4.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the transaction, the director now directly owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This represents a 4.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 119,369 shares of company stock valued at $870,161 over the last quarter. Insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Wellington Management Group LLP grew its stake in shares of Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after acquiring an additional 3,040 shares during the period. Price T Rowe Associates Inc. MD increased its position in Applied Digital by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after acquiring an additional 3,182 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Applied Digital by 14.4% in the third quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock worth $355,000 after purchasing an additional 5,423 shares during the last quarter. FMR LLC grew its holdings in shares of Applied Digital by 99.1% in the third quarter. FMR LLC now owns 13,071 shares of the company’s stock worth $108,000 after purchasing an additional 6,507 shares during the last quarter. Finally, ICA Group Wealth Management LLC lifted its stake in Applied Digital by 56.8% in the second quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after acquiring an additional 6,795 shares during the period. 65.67% of the stock is currently owned by 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.