Applied Digital (NASDAQ:APLD) Shares Up 1.3% – Time to Buy?

Applied Digital Corporation (NASDAQ:APLD) shares traded up 1.3% on Monday . The stock traded as high as $35.79 and last traded at $33.50. 13,721,817 shares changed hands during trading, a decline of 45% from the average daily volume of 25,113,313 shares. The stock had previously closed at $33.06.

Wall Street Analysts Forecast Growth

APLD has been the topic of a number of research analyst reports. B. Riley Financial reaffirmed a “buy” rating and set a $66.00 price target (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Friday, April 24th. Compass Point reissued a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a research note on Friday, May 22nd. Roth Mkm reaffirmed a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research report on Thursday, April 23rd. Finally, Zacks Research downgraded shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Price Performance

The business has a 50-day moving average price of $41.82 and a two-hundred day moving average price of $34.15. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $9.57 billion, a price-to-earnings ratio of -45.27 and a beta of 5.67.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The business had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. During the same quarter last year, the firm posted ($0.08) EPS. The business’s revenue for the quarter was up 139.3% compared to the same quarter last year. As a group, research analysts anticipate that Applied Digital Corporation will post -0.7 EPS for the current year.

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This represents a 5.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 35,000 shares of company stock worth $1,182,175 in the last 90 days. 9.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in APLD. Noble Wealth Management PBC purchased a new stake in Applied Digital in the 4th quarter valued at about $25,000. Albion Financial Group UT bought a new position in shares of Applied Digital in the fourth quarter valued at approximately $25,000. Activest Wealth Management purchased a new stake in shares of Applied Digital during the fourth quarter valued at approximately $25,000. Ameriflex Group Inc. bought a new stake in Applied Digital during the fourth quarter worth $25,000. Finally, McMillan Office Inc. purchased a new position in Applied Digital in the fourth quarter worth $25,000. 65.67% of the stock is owned by institutional investors.

About Applied Digital

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.