Applied Digital (NASDAQ:APLD) Trading 15.2% Higher – Time to Buy?

Applied Digital Co. (NASDAQ:APLD) was up 15.2% during trading on Monday . The company traded as high as $9.28 and last traded at $9.11. Approximately 42,892,479 shares traded hands during trading, an increase of 69% from the average daily volume of 25,388,150 shares. The stock had previously closed at $7.91.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on APLD shares. 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. Northland Securities increased their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. HC Wainwright raised their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Wednesday, January 15th. Finally, Compass Point began coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price for the company. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $12.11.

Applied Digital Stock Up 3.3 %

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 market cap of $2.22 billion, a price-to-earnings ratio of -5.75 and a beta of 4.77. The firm’s 50-day moving average price is $8.39 and its 200-day moving average price is $7.35.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) EPS. Sell-side analysts forecast 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 firm’s stock in a transaction on Friday, January 17th. The shares were 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 directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 in the company, valued at $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 270,000 shares of company stock valued at $2,477,000. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB boosted its stake in shares of Applied Digital by 100.0% during 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 shares of Applied Digital in the 4th quarter worth about $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital in the 4th quarter valued at about $37,000. Jones Financial Companies Lllp bought a new position in shares of Applied Digital during the fourth quarter worth about $39,000. Finally, Spire Wealth Management acquired a new position in Applied Digital in the fourth 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.