Applied Digital (NASDAQ:APLD) Stock Price Up 2.6% – Time to Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) rose 2.6% during trading on Friday . The company traded as high as $25.00 and last traded at $23.65. Approximately 44,130,753 shares changed hands during trading, an increase of 23% from the average daily volume of 35,979,367 shares. The stock had previously closed at $23.06.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Craig Hallum lifted their price objective on shares of Applied Digital to $39.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. HC Wainwright lifted their price target on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Compass Point assumed coverage on Applied Digital in a report on Monday, September 15th. They set a “buy” rating for the company. B. Riley restated a “buy” rating on shares of Applied Digital in a report on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Applied Digital currently has an average rating of “Moderate Buy” and a consensus price target of $26.20.

Applied Digital Stock Performance

The company’s 50-day simple moving average is $27.30 and its 200 day simple moving average is $16.46. The stock has a market cap of $6.73 billion, a P/E ratio of -20.93 and a beta of 6.77. The company has a current ratio of 0.65, a quick 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) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $64.22 million during the quarter, compared to the consensus estimate of $52.25 million. During the same period last year, the business posted ($0.15) earnings per share. Applied Digital’s revenue was up 84.3% on a year-over-year basis. As a group, sell-side analysts expect that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Chuck Hastings sold 50,000 shares of the business’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $35.69, for a total value of $1,784,500.00. Following the transaction, the director directly owned 451,612 shares in the company, valued at $16,118,032.28. The trade was a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ella G. Benson sold 42,569 shares of the stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total transaction of $1,502,685.70. Following the transaction, the director directly owned 69,256 shares of the company’s stock, valued at $2,444,736.80. This represents a 38.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 823,035 shares of company stock worth $18,930,179 in the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new stake in Applied Digital in the second quarter worth $25,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Applied Digital during the 2nd quarter worth $26,000. Dagco Inc. purchased a new stake in Applied Digital in the 3rd quarter worth about $27,000. PNC Financial Services Group Inc. bought a new stake in Applied Digital in the 1st quarter valued at about $28,000. Finally, Evolution Wealth Management Inc. lifted its holdings in Applied Digital by 101.8% during the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock valued at $37,000 after purchasing an additional 807 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

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.