Applied Digital (NASDAQ:APLD) Stock Price Up 8.8% – Still a Buy?

Applied Digital Co. (NASDAQ:APLD) shares were up 8.8% during trading on Monday . The company traded as high as $10.20 and last traded at $9.91. Approximately 10,384,714 shares traded hands during trading, a decline of 20% from the average daily volume of 12,983,253 shares. The stock had previously closed at $9.11.

Wall Street Analyst Weigh In

APLD has been the subject of a number of research analyst reports. Cantor Fitzgerald began coverage on shares of Applied Digital in a research report on Friday, December 20th. They issued an “overweight” rating and a $15.00 target price for the company. Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. B. Riley raised their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Friday, November 1st. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has an average rating of “Buy” and a consensus price target of $11.14.

Applied Digital Stock Down 7.6 %

The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average is $8.56 and its 200 day moving average is $6.86. The stock has a market cap of $1.84 billion, a P/E ratio of -7.44 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.10) earnings per share. As a group, equities research analysts forecast that Applied Digital Co. will post -0.4 EPS for the current year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the transaction, the director now directly owns 433,686 shares in the company, valued at approximately $3,196,265.82. The trade was a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the transaction, the director now owns 208,506 shares of the company’s stock, valued at $1,670,133.06. This represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 359,369 shares of company stock valued at $3,115,161 in the last three months. 11.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of APLD. Hood River Capital Management LLC increased its position in shares of Applied Digital by 8.7% in the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock worth $57,098,000 after purchasing an additional 771,699 shares during the period. Geode Capital Management LLC lifted its position in shares of Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after buying an additional 1,002,862 shares during the last quarter. State Street Corp boosted its stake in Applied Digital by 14.0% in the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after buying an additional 286,852 shares in the last quarter. Royce & Associates LP grew its position in Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after acquiring an additional 15,763 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after acquiring an additional 240,554 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.