Applied Digital (NASDAQ:APLD) Shares Up 1.7% – Still a Buy?

Applied Digital Co. (NASDAQ:APLD) shares traded up 1.7% during mid-day trading on Wednesday . The company traded as high as $7.18 and last traded at $7.13. 3,296,112 shares were traded during mid-day trading, a decline of 88% from the average session volume of 26,598,998 shares. The stock had previously closed at $7.01.

Analyst Ratings Changes

APLD has been the subject of a number of recent research reports. Cantor Fitzgerald lowered their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. HC Wainwright lifted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Compass Point began coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. Northland Securities lifted their price target on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $12.11.

Applied Digital Price Performance

The firm has a fifty day moving average of $8.01 and a 200 day moving average of $7.90. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $1.56 billion, a P/E ratio of -4.05 and a beta of 4.69.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) earnings per share. On average, equities research analysts anticipate that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently made changes to their positions in APLD. California State Teachers Retirement System raised its position in Applied Digital by 65.6% in the fourth quarter. California State Teachers Retirement System now owns 162,561 shares of the company’s stock worth $1,242,000 after acquiring an additional 64,425 shares during the period. Polar Asset Management Partners Inc. purchased a new stake in shares of Applied Digital in the 4th quarter worth $510,000. Mackenzie Financial Corp bought a new position in Applied Digital in the 4th quarter worth $92,000. GTS Securities LLC purchased a new position in Applied Digital during the fourth quarter valued at $196,000. Finally, Two Seas Capital LP bought a new stake in Applied Digital during the fourth quarter valued at about $5,062,000. Hedge funds and other institutional investors 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.