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

Shares of Applied Digital Co. (NASDAQ:APLD) shot up 1.4% during mid-day trading on Monday . The company traded as high as $7.58 and last traded at $7.38. 3,492,849 shares were traded during trading, a decline of 47% from the average session volume of 6,649,083 shares. The stock had previously closed at $7.28.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital raised their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Finally, HC Wainwright lifted their price objective on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $10.50.

Applied Digital Trading Up 10.3 %

The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The business has a 50 day moving average of $5.68 and a 200-day moving average of $4.84. The stock has a market cap of $1.10 billion, a PE ratio of -10.33 and a beta of 4.56.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same quarter in the prior year, the company posted ($0.10) EPS. The business’s revenue for the quarter was up 67.2% compared to the same quarter last year. On average, analysts anticipate that Applied Digital Co. will post -1.12 EPS for the current year.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now directly owns 218,506 shares in the company, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently made changes to their positions in the business. ICA Group Wealth Management LLC purchased a new stake in shares of Applied Digital during the 4th quarter valued at about $81,000. Nomura Holdings Inc. acquired a new position in Applied Digital in the 4th quarter worth $183,000. Register Financial Advisors LLC boosted its holdings in Applied Digital by 74.0% in the first quarter. Register Financial Advisors LLC now owns 323,400 shares of the company’s stock valued at $1,384,000 after purchasing an additional 137,500 shares during the last quarter. Woodmont Investment Counsel LLC raised its position in shares of Applied Digital by 4.2% in the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after purchasing an additional 10,149 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in shares of Applied Digital during the first quarter worth approximately $50,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.