Applied Digital (NASDAQ:APLD) Stock Price Up 0.2% – Time to Buy?

Applied Digital Co. (NASDAQ:APLD)’s share price was up 0.2% during mid-day trading on Tuesday . The company traded as high as $9.09 and last traded at $8.92. Approximately 6,275,192 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 22,848,340 shares. The stock had previously closed at $8.90.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on APLD shares. Lake Street Capital lifted their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Craig Hallum lifted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Cantor Fitzgerald decreased their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Roth Mkm restated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Wednesday, January 15th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $11.29.

Applied Digital Stock Performance

The company has a fifty day moving average price of $8.93 and a two-hundred day moving average price of $7.04. The company has a market capitalization of $2.07 billion, a P/E ratio of -5.36 and a beta of 4.78. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. During the same period in the prior year, the business posted ($0.05) earnings per share. The firm’s revenue was up 51.3% on a year-over-year basis. Equities analysts forecast that Applied Digital Co. will post -0.8 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the transaction, the director now directly owns 384,317 shares in the company, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 289,369 shares of company stock worth $2,622,461 over the last ninety days. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its stake in Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after buying an additional 240,554 shares during the period. Quadrature Capital Ltd acquired a new position in Applied Digital in the third quarter valued at approximately $545,000. Barclays PLC lifted its stake in Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after buying an additional 428,428 shares during the period. Virtu Financial LLC acquired a new position in Applied Digital in the third quarter valued at approximately $2,030,000. Finally, B. Riley Wealth Advisors Inc. lifted its stake in Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after buying an additional 308,223 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

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.