Applied Digital (NASDAQ:APLD) Shares Up 8.5% – Time to Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) were up 8.5% during mid-day trading on Wednesday . The company traded as high as $49.35 and last traded at $48.98. Approximately 25,505,609 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 26,271,682 shares. The stock had previously closed at $45.14.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on APLD shares. Citizens Jmp raised their price target on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 21st. Roth Mkm restated a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a research note on Thursday, April 23rd. Citigroup restated an “outperform” rating on shares of Applied Digital in a research note on Thursday, May 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $66.00 target price (up from $53.00) on shares of Applied Digital in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.11.

Applied Digital Trading Up 8.5%

The stock has a fifty day moving average of $33.12 and a 200 day moving average of $31.05. The company has a market capitalization of $14.00 billion, a P/E ratio of -66.19 and a beta of 5.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The company had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. During the same period in the prior year, the business posted ($0.08) earnings per share. Applied Digital’s revenue for the quarter was up 139.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Applied Digital Corporation will post -0.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the sale, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% 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 Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. This represents a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently bought and sold shares of APLD. AQR Capital Management LLC raised its holdings in Applied Digital by 84.8% during the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after acquiring an additional 8,692 shares during the period. NewEdge Advisors LLC raised its holdings in Applied Digital by 239.1% during the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after acquiring an additional 23,457 shares during the period. Geneos Wealth Management Inc. raised its holdings in Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after acquiring an additional 3,542 shares during the period. Strs Ohio bought a new stake in Applied Digital during the first quarter valued at about $71,000. Finally, Cetera Investment Advisers raised its holdings in Applied Digital by 61.0% during the second quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock valued at $621,000 after acquiring an additional 23,360 shares during the period. 65.67% of the stock is owned by institutional investors.

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.