Applied Digital (NASDAQ:APLD) Stock Price Up 1.1% – Time to Buy?

Applied Digital Corporation (NASDAQ:APLD)’s stock price shot up 1.1% during mid-day trading on Wednesday . The company traded as high as $24.25 and last traded at $23.09. 24,791,202 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 35,840,969 shares. The stock had previously closed at $22.84.

Wall Street Analysts Forecast Growth

APLD has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a report on Wednesday, October 29th. Lake Street Capital boosted their target price on shares of Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Wall Street Zen lowered shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Finally, Craig Hallum upped their price objective on Applied Digital to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Applied Digital has a consensus rating of “Moderate Buy” and an average price target of $26.20.

Applied Digital Stock Up 1.1%

The stock’s 50 day moving average is $27.83 and its 200 day moving average is $17.01. The company has a market capitalization of $6.57 billion, a PE ratio of -20.43 and a beta of 6.77. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. The business had revenue of $64.22 million for the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.15) EPS. On average, sell-side analysts anticipate that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Ella G. Benson sold 42,569 shares of Applied Digital stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $35.30, for a total transaction of $1,502,685.70. Following the completion of the transaction, the director owned 69,256 shares of the company’s stock, valued at $2,444,736.80. The trade was a 38.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Wes Cummins sold 400,000 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $6,104,000.00. Following the sale, the chief executive officer owned 2,659,379 shares in the company, valued at approximately $40,582,123.54. This represents a 13.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 823,035 shares of company stock worth $18,930,179 over the last quarter. Insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. Kestra Private Wealth Services LLC purchased a new position in shares of Applied Digital during the 3rd quarter valued at $1,041,000. NewEdge Advisors LLC grew its position in Applied Digital by 149.2% during the third quarter. NewEdge Advisors LLC now owns 48,808 shares of the company’s stock worth $1,120,000 after buying an additional 29,221 shares in the last quarter. Worth Venture Partners LLC purchased a new position in Applied Digital during the third quarter worth about $258,000. PharVision Advisers LLC bought a new position in Applied Digital in the 3rd quarter worth about $244,000. Finally, Victory Financial Group LLC purchased a new stake in shares of Applied Digital in the 3rd quarter valued at about $327,000. 65.67% of the stock is currently owned by hedge funds and other 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.