Applied Digital (NASDAQ:APLD) Stock Price Up 1.1% – Time to Buy?

Applied Digital Corporation (NASDAQ:APLD) rose 1.1% during trading on Wednesday . The stock traded as high as $24.25 and last traded at $23.09. Approximately 24,791,202 shares were traded during trading, a decline of 31% from the average daily volume of 35,840,969 shares. The stock had previously closed at $22.84.

Wall Street Analyst Weigh In

APLD has been the topic of a number of research analyst reports. Northland Securities raised their price target on shares of Applied Digital to $40.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Lake Street Capital boosted their price target on Applied Digital from $18.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Finally, B. Riley restated a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.20.

Applied Digital Stock Performance

The stock has a 50 day moving average of $27.83 and a 200 day moving average of $17.01. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of -20.43 and a beta of 6.77. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The firm had revenue of $64.22 million for the quarter, compared to analyst estimates of $52.25 million. During the same period in the previous year, the firm earned ($0.15) earnings per share. The company’s revenue was up 84.3% compared to the same quarter last year. As a group, analysts predict that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Transactions at Applied Digital

In other news, Director Chuck Hastings sold 25,000 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $34.27, for a total transaction of $856,750.00. Following the transaction, the director owned 426,612 shares in the company, valued at approximately $14,619,993.24. This represents a 5.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard N. Nottenburg sold 9,375 shares of the firm’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $35.91, for a total value of $336,656.25. Following the completion of the sale, the director owned 249,237 shares of the company’s stock, valued at approximately $8,950,100.67. This represents a 3.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 823,035 shares of company stock valued at $18,930,179. 9.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently added to or reduced their stakes in APLD. ProShare Advisors LLC lifted its position in shares of Applied Digital by 1.0% during the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock valued at $841,000 after purchasing an additional 376 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Applied Digital by 7.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the company’s stock worth $137,000 after purchasing an additional 408 shares in the last quarter. Wedbush Securities Inc. increased its stake in Applied Digital by 5.7% in the 3rd quarter. Wedbush Securities Inc. now owns 10,785 shares of the company’s stock valued at $247,000 after buying an additional 585 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Applied Digital by 51.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,306 shares of the company’s stock worth $53,000 after buying an additional 787 shares in the last quarter. Finally, Evolution Wealth Management Inc. boosted its stake in shares of Applied Digital by 101.8% in the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after buying an additional 807 shares during 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.