Applied Digital (NASDAQ:APLD) Trading 4% Higher – Time to Buy?

Applied Digital Corporation (NASDAQ:APLD) shares were up 4% during mid-day trading on Thursday . The stock traded as high as $25.97 and last traded at $25.91. Approximately 15,760,353 shares were traded during trading, a decline of 32% from the average session volume of 23,313,639 shares. The stock had previously closed at $24.91.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Lake Street Capital raised their price target on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Zacks Research downgraded Applied Digital from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Wall Street Zen cut shares of Applied Digital from a “sell” rating to a “strong sell” rating in a research note on Sunday. Compass Point restated a “buy” rating and set a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research report on Tuesday, July 21st. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $68.15.

Applied Digital Stock Performance

The firm has a market cap of $7.55 billion, a price-to-earnings ratio of -29.11 and a beta of 5.72. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. The stock’s 50 day moving average is $29.71 and its 200 day moving average is $33.08.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.30). The firm had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The business’s revenue for the quarter was up 406.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.24) earnings per share. Analysts anticipate that Applied Digital Corporation will post -1.09 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Richard Nottenburg sold 75,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the sale, the director owned 133,378 shares of the company’s stock, valued at $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC increased its holdings in Applied Digital by 84.8% in the 1st quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after buying an additional 8,692 shares during the period. NewEdge Advisors LLC raised its position in shares of Applied Digital by 239.1% in the 1st quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after buying an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after acquiring an additional 3,542 shares during the period. Strs Ohio acquired a new stake in shares of Applied Digital during the 1st quarter worth approximately $71,000. Finally, Cetera Investment Advisers boosted its position in shares of Applied Digital by 61.0% during the 2nd quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock worth $621,000 after acquiring an additional 23,360 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

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.