Applied Digital (NASDAQ:APLD) Trading 1.5% Higher – Should You Buy?

Applied Digital Corporation (NASDAQ:APLD)’s share price was up 1.5% during mid-day trading on Monday . The stock traded as high as $33.55 and last traded at $31.44. Approximately 23,758,469 shares traded hands during trading, a decline of 34% from the average daily volume of 36,063,777 shares. The stock had previously closed at $30.98.

Wall Street Analyst Weigh In

A number of equities analysts have commented on APLD shares. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research note on Thursday, October 9th. Lake Street Capital lifted their price target on shares of Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Compass Point assumed coverage on Applied Digital in a report on Monday, September 15th. They issued a “buy” rating on the stock. Craig Hallum raised their target price on Applied Digital to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Finally, Northland Securities lifted their target price on Applied Digital to $40.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Applied Digital has a consensus rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Price Performance

The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65. The stock’s 50-day moving average is $26.31 and its two-hundred day moving average is $15.99. The stock has a market cap of $8.95 billion, a PE ratio of -27.82 and a beta of 6.77.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The company had revenue of $38.01 million for the quarter, compared to analysts’ expectations of $52.25 million. During the same period in the prior year, the firm earned ($0.15) earnings per share. The firm’s revenue was up 84.3% compared to the same quarter last year. On average, equities analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 50,000 shares of Applied Digital stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $35.69, for a total value of $1,784,500.00. Following the completion of the transaction, the director directly owned 451,612 shares of the company’s stock, valued at $16,118,032.28. The trade was a 9.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard N. Nottenburg sold 34,375 shares of the business’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $33.23, for a total transaction of $1,142,281.25. Following the sale, the director owned 263,612 shares in the company, valued at $8,759,826.76. This trade represents a 11.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 823,035 shares of company stock worth $18,930,179 over the last ninety days. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently added to or reduced their stakes in APLD. Hood River Capital Management LLC boosted its position in Applied Digital by 2.8% in the 2nd quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock valued at $220,120,000 after buying an additional 592,314 shares during the period. Vanguard Group Inc. raised its stake in shares of Applied Digital by 23.2% in the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock valued at $406,547,000 after acquiring an additional 3,339,062 shares in the last quarter. Situational Awareness LP raised its stake in shares of Applied Digital by 63.3% in the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after acquiring an additional 2,556,200 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock valued at $52,561,000 after purchasing an additional 5,198,223 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Applied Digital by 24.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,661,296 shares of the company’s stock worth $26,799,000 after purchasing an additional 514,896 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.