Applied Digital (NASDAQ:APLD) Stock Price Up 4.7% – Should You Buy?

Applied Digital Corporation (NASDAQ:APLD)’s stock price shot up 4.7% on Wednesday . The company traded as high as $29.73 and last traded at $29.36. 20,827,925 shares changed hands during trading, a decline of 41% from the average session volume of 35,507,559 shares. The stock had previously closed at $28.05.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 price objective on shares of Applied Digital in a report on Wednesday, October 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Thursday, October 9th. Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Finally, Lake Street Capital boosted their target price on Applied Digital from $18.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $26.20.

Applied Digital Stock Performance

The business’s 50-day moving average price is $29.22 and its 200-day moving average price is $18.69. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The company had revenue of $64.22 million for the quarter, compared to analyst estimates of $52.25 million. During the same period in the previous year, the business posted ($0.15) earnings per share. Applied Digital’s quarterly revenue was up 84.3% on a year-over-year basis. Analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of the firm’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $34.08, for a total value of $3,408,000.00. Following the completion of the sale, the chief financial officer owned 158,912 shares of the company’s stock, valued at approximately $5,415,720.96. This trade represents a 38.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ella G. Benson sold 42,569 shares of the stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total transaction of $1,502,685.70. Following the completion of the transaction, the director owned 69,256 shares of the company’s stock, valued at $2,444,736.80. This represents a 38.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 328,035 shares of company stock worth $11,376,479 over the last quarter. 9.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Scientech Research LLC purchased a new position in shares of Applied Digital during the first quarter valued at approximately $806,000. Chelsea Counsel Co. purchased a new stake in Applied Digital during the second quarter valued at about $582,000. Lake Hills Wealth Management LLC acquired a new stake in Applied Digital during the 2nd quarter worth approximately $184,000. KLP Kapitalforvaltning AS raised its stake in shares of Applied Digital by 27.7% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 41,500 shares of the company’s stock valued at $418,000 after acquiring an additional 9,000 shares during the period. Finally, Kovack Advisors Inc. purchased a new position in Applied Digital in the second quarter valued at about $116,000. Institutional investors and hedge funds 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.