Applied Digital (NASDAQ:APLD) Shares Up 2.3% – Time to Buy?

Applied Digital Co. (NASDAQ:APLD) shares traded up 2.3% during trading on Wednesday . The stock traded as high as $10.13 and last traded at $9.85. 9,166,740 shares were traded during trading, a decline of 61% from the average session volume of 23,787,850 shares. The stock had previously closed at $9.63.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on APLD shares. Compass Point started coverage on Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. HC Wainwright raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Wednesday, January 15th. Cantor Fitzgerald decreased 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. Finally, Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $12.11.

Applied Digital Trading Up 4.6 %

The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -6.16 and a beta of 4.77. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The company has a 50-day moving average price of $8.45 and a 200-day moving average price of $7.43.

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

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 50,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the sale, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This represents a 13.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 270,000 shares of company stock valued at $2,477,000 in the last ninety days. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of APLD. Wilmington Savings Fund Society FSB increased its position in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares during the period. R Squared Ltd purchased a new position in shares of Applied Digital in the 4th quarter valued at approximately $36,000. US Bancorp DE acquired a new position in shares of Applied Digital in the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp purchased a new stake in shares of Applied Digital during the fourth quarter worth approximately $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital during the fourth quarter worth $43,000. 65.67% of the stock is owned by institutional investors and hedge funds.

About Applied Digital

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.