Applied Digital (NASDAQ:APLD) Trading 5.5% Higher – Time to Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) traded up 5.5% during trading on Tuesday . The stock traded as high as $24.30 and last traded at $24.24. 32,640,304 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 35,171,672 shares. The stock had previously closed at $22.98.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on APLD shares. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research report on Wednesday, October 29th. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. HC Wainwright raised their price target on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 10th. Craig Hallum upped their price objective on Applied Digital to $39.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Finally, Lake Street Capital increased their target price on Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Applied Digital currently has an average rating of “Moderate Buy” and a consensus price target of $26.20.

Applied Digital Stock Up 5.5%

The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. The company has a 50 day simple moving average of $29.75 and a two-hundred day simple moving average of $19.79. The company has a market capitalization of $6.77 billion, a P/E ratio of -21.45 and a beta of 6.94.

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

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 34,375 shares of the business’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $33.23, for a total transaction of $1,142,281.25. Following the transaction, the director owned 263,612 shares in the company, valued at $8,759,826.76. The trade was a 11.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Chuck Hastings sold 50,000 shares of the stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $35.69, for a total transaction of $1,784,500.00. Following the completion of the sale, the director directly owned 451,612 shares in the company, valued at approximately $16,118,032.28. This represents a 9.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 328,035 shares of company stock valued at $11,376,479 over the last three months. Corporate insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Hood River Capital Management LLC raised its holdings in shares of Applied Digital by 2.8% in the second quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after buying an additional 592,314 shares during the period. Vanguard Group Inc. grew its position in Applied Digital by 23.2% in the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock valued at $406,547,000 after acquiring an additional 3,339,062 shares during the last quarter. Situational Awareness LP increased its stake in Applied Digital by 63.3% in the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock worth $66,379,000 after purchasing an additional 2,556,200 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Applied Digital by 24,356.8% during the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after purchasing an additional 5,198,223 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Applied Digital by 20.2% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,199,135 shares of the company’s stock valued at $73,388,000 after purchasing an additional 537,839 shares during the period. 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.