Applied Digital (NASDAQ:APLD) Shares Up 10.7% – Time to Buy?

Applied Digital Co. (NASDAQ:APLD) traded up 10.7% during mid-day trading on Wednesday . The stock traded as high as $8.78 and last traded at $8.77. 10,155,628 shares were traded during trading, an increase of 17% from the average session volume of 8,647,539 shares. The stock had previously closed at $7.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Cantor Fitzgerald began coverage on shares of Applied Digital in a report on Friday, December 20th. They set an “overweight” rating and a $15.00 price objective on the stock. B. Riley upped their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Craig Hallum lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Lake Street Capital lifted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital has a consensus rating of “Buy” and an average price target of $11.14.

Applied Digital Trading Up 10.7 %

The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The business has a 50-day moving average of $8.50 and a 200-day moving average of $6.60. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of -7.50 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) earnings per share. Research analysts anticipate that Applied Digital Co. will post -0.4 EPS for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the transaction, the director now owns 208,506 shares in the company, valued at $1,670,133.06. This trade represents a 4.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. The trade was a 15.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 359,369 shares of company stock worth $3,115,161 over the last three months. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC increased its position in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Applied Digital in the 3rd quarter valued at $59,000. Beacon Harbor Wealth Advisors Inc. acquired a new position in shares of Applied Digital during the 3rd quarter worth $83,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Applied Digital during the 3rd quarter worth $88,000. Finally, Chesapeake Capital Corp IL acquired a new stake in Applied Digital in the third quarter valued at about $94,000. 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.