Applied Digital (NASDAQ:APLD) Stock Price Up 1.4% – Should You Buy?

Applied Digital Corporation (NASDAQ:APLD) shares traded up 1.4% during mid-day trading on Monday . The stock traded as high as $49.96 and last traded at $47.94. 17,363,541 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 26,088,061 shares. The stock had previously closed at $47.28.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on APLD shares. Compass Point reaffirmed a “buy” rating and set a $70.00 price target on shares of Applied Digital in a research report on Friday, May 22nd. B. Riley Financial reiterated a “buy” rating and set a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Citigroup restated an “outperform” rating on shares of Applied Digital in a research note on Thursday, May 21st. Citizens Jmp upped their price objective on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a report on Thursday, May 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and an average price target of $59.11.

Applied Digital Stock Performance

The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The stock has a fifty day simple moving average of $34.40 and a two-hundred day simple moving average of $31.42. The firm has a market capitalization of $13.70 billion, a P/E ratio of -64.78 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The firm had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The company’s revenue was up 139.3% on a year-over-year basis. During the same period last year, the business posted ($0.08) EPS. On average, research analysts predict that Applied Digital Corporation will post -0.68 EPS for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director directly owned 208,378 shares in the company, valued at $7,207,795.02. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 over the last quarter. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently added to or reduced their stakes in the business. Noble Wealth Management PBC bought a new position in shares of Applied Digital during the 4th quarter valued at about $25,000. Albion Financial Group UT bought a new position in shares of Applied Digital during the 4th quarter valued at about $25,000. Activest Wealth Management bought a new position in shares of Applied Digital during the 4th quarter valued at about $25,000. Ameriflex Group Inc. bought a new position in shares of Applied Digital during the 4th quarter valued at about $25,000. Finally, McMillan Office Inc. bought a new position in Applied Digital during the 4th quarter worth approximately $25,000. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Company Profile

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.