Applied Digital (NASDAQ:APLD) Stock Price Up 2.1% – Time to Buy?

Applied Digital Corporation (NASDAQ:APLD)’s share price shot up 2.1% on Thursday . The stock traded as high as $28.64 and last traded at $27.44. 15,888,210 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 23,537,367 shares. The stock had previously closed at $26.87.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Compass Point reiterated a “buy” rating and set a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Lake Street Capital upped their price target on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Zacks Research upgraded Applied Digital from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. Needham & Company LLC restated a “buy” rating and set a $83.00 target price on shares of Applied Digital in a report on Tuesday, July 28th. Finally, Citigroup restated a “market outperform” rating on shares of Applied Digital in a report on Monday, August 3rd. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $68.15.

Applied Digital Trading Up 2.1%

The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. The firm has a 50-day moving average price of $31.67 and a 200 day moving average price of $33.47. The company has a market cap of $8.00 billion, a price-to-earnings ratio of -30.83 and a beta of 5.75.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The business had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The firm’s revenue for the quarter was up 406.3% on a year-over-year basis. During the same period last year, the company posted ($0.24) earnings per share. As a group, sell-side analysts forecast that Applied Digital Corporation will post -1.09 EPS for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 75,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the sale, the director directly owned 133,378 shares in the company, valued at approximately $4,154,724.70. This trade represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 9.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in the business. Activest Wealth Management bought a new stake in shares of Applied Digital during the fourth quarter valued at about $25,000. Ameriflex Group Inc. acquired a new stake in shares of Applied Digital during the fourth quarter worth $25,000. McMillan Office Inc. purchased a new stake in Applied Digital during the fourth quarter valued at about $25,000. Larson Financial Group LLC grew its position in Applied Digital by 56,450.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock worth $26,000 after purchasing an additional 1,129 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Applied Digital in the 2nd quarter worth about $26,000. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.