Applied Digital (NASDAQ:APLD) Hits New 1-Year High – Should You Buy?

Applied Digital Corporation (NASDAQ:APLD) hit a new 52-week high on Tuesday . The stock traded as high as $46.64 and last traded at $44.59, with a volume of 27316729 shares traded. The stock had previously closed at $41.25.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on APLD. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research report on Friday, April 24th. Northland Securities set a $56.00 target price on Applied Digital in a research report on Wednesday, January 28th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of Applied Digital in a research report on Thursday, April 9th. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Finally, Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.33.

Applied Digital Price Performance

The company has a market capitalization of $12.74 billion, a price-to-earnings ratio of -60.26 and a beta of 5.69. 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 business has a fifty day moving average price of $29.56 and a 200 day moving average price of $30.26.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The business had revenue of $108.55 million for 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%. Applied Digital’s revenue for the quarter was up 139.3% on a year-over-year basis. During the same period last year, the business posted ($0.08) earnings per share. On average, research analysts expect that Applied Digital Corporation will post -0.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently bought and sold shares of the business. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Applied Digital during the 3rd quarter worth about $994,000. Federated Hermes Inc. purchased a new stake in shares of Applied Digital during the 3rd quarter worth about $3,204,000. AlphaQuest LLC purchased a new stake in shares of Applied Digital during the 3rd quarter worth about $1,369,000. MRA Advisory Group purchased a new stake in shares of Applied Digital during the 3rd quarter worth about $978,000. Finally, Vanguard Group Inc. raised its stake in shares of Applied Digital by 23.2% during the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock worth $406,547,000 after purchasing an additional 3,339,062 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 (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.