Applied Digital (NASDAQ:APLD) Trading 2.2% Higher – Should You Buy?

Applied Digital Corporation (NASDAQ:APLD) was up 2.2% on Tuesday . The stock traded as high as $30.11 and last traded at $29.69. 11,793,757 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 24,146,463 shares. The stock had previously closed at $29.06.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on APLD shares. Roth Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research note on Thursday, April 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $83.00 target price on shares of Applied Digital in a report on Tuesday, July 28th. B. Riley Financial reaffirmed a “buy” rating and set a $75.00 target price (up from $66.00) on shares of Applied Digital in a report on Monday, August 3rd. Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Finally, Compass Point reissued a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a report on Friday, May 22nd. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Applied Digital currently has an average rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Trading Up 2.2%

The stock has a market cap of $8.65 billion, a P/E ratio of -33.36 and a beta of 5.75. The firm’s fifty day moving average price is $35.10 and its two-hundred day moving average price is $34.03. The company has a debt-to-equity ratio of 2.88, a current ratio of 4.01 and a quick ratio of 4.01.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The business had revenue of $240.35 million for the quarter, compared to the consensus estimate of $96.85 million. During the same period in the prior year, the business posted ($0.24) EPS. Applied Digital’s quarterly revenue was up 406.3% on a year-over-year basis. As a group, equities research analysts forecast that Applied Digital Corporation will post -1.08 EPS for the current year.

Insider Buying and Selling at Applied Digital

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

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cannon Capital Management Inc. purchased a new position in Applied Digital in the fourth quarter worth $3,635,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Applied Digital during the fourth quarter worth about $2,674,000. Whitaker Myers Wealth Managers LTD. purchased a new position in shares of Applied Digital in the 2nd quarter worth about $1,841,000. M&T Bank Corp purchased a new position in shares of Applied Digital in the 4th quarter worth about $2,232,000. Finally, TFR Capital LLC. bought a new position in shares of Applied Digital during the 4th quarter valued at about $1,741,000. 65.67% of the stock is owned by hedge funds and other 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.