Applied Digital (NASDAQ:APLD) Trading 15.8% Higher – Time to Buy?

Applied Digital Co. (NASDAQ:APLD)’s share price shot up 15.8% on Tuesday . The stock traded as high as $9.72 and last traded at $9.00. 38,717,260 shares traded hands during trading, an increase of 116% from the average session volume of 17,919,533 shares. The stock had previously closed at $7.77.

Wall Street Analyst Weigh In

A number of research firms have commented on APLD. HC Wainwright raised their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Lake Street Capital boosted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Friday, November 1st. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Craig Hallum raised their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $11.14.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of -7.38 and a beta of 4.78. The company has a 50 day moving average of $8.70 and a 200 day moving average of $6.92.

Insider Activity

In other news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now owns 208,506 shares in the company, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 279,369 shares of company stock valued at $2,525,561. 11.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of APLD. Wellington Management Group LLP boosted its holdings in Applied Digital by 8.8% in the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after acquiring an additional 3,040 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Applied Digital by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after purchasing an additional 5,423 shares in the last quarter. FMR LLC grew its holdings in shares of Applied Digital by 99.1% during the 3rd 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 period. ICA Group Wealth Management LLC increased its position in Applied Digital by 56.8% during the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after purchasing an additional 6,795 shares in the last quarter. Finally, Headlands Technologies LLC lifted its position in Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after buying an additional 6,933 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.