Applied Digital (NASDAQ:APLD) Stock Price Up 3% – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD) shares shot up 3% during trading on Friday . The stock traded as high as $44.95 and last traded at $42.70. 22,364,214 shares traded hands during trading, a decline of 13% from the average session volume of 25,693,217 shares. The stock had previously closed at $41.47.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on APLD. Compass Point reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Applied Digital in a research note on Friday, May 22nd. B. Riley Financial restated a “buy” rating and set a $66.00 price target (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Roth Mkm reaffirmed a “buy” rating and set a $65.00 target price on shares of Applied Digital in a report on Thursday, April 23rd. Citigroup reiterated a “market outperform” rating on shares of Applied Digital in a report on Tuesday. Finally, Zacks Research cut shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research note on Monday. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Applied Digital presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.67.

Applied Digital Trading Up 3.0%

The firm has a market capitalization of $12.20 billion, a price-to-earnings ratio of -57.70 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. The company has a 50 day moving average price of $37.57 and a two-hundred day moving average price of $32.65.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The company had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. During the same period in the prior year, the business posted ($0.08) earnings per share. The company’s quarterly revenue was up 139.3% compared to the same quarter last year. On average, research analysts forecast that Applied Digital Corporation will post -0.68 EPS for the current year.

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the transaction, the director owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the sale, the director owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 35,000 shares of company stock valued at $1,182,175. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of APLD. Noble Wealth Management PBC acquired a new position in Applied Digital during the 4th quarter worth about $25,000. Albion Financial Group UT purchased a new position in Applied Digital in the fourth quarter valued at $25,000. Activest Wealth Management purchased a new position in shares of Applied Digital in the 4th quarter valued at about $25,000. Ameriflex Group Inc. acquired a new stake in shares of Applied Digital in the 4th quarter valued at $25,000. Finally, McMillan Office Inc. purchased a new stake in shares of Applied Digital during the 4th quarter worth approximately $25,000. 65.67% of the stock is owned by institutional investors and hedge funds.

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.