Applied Digital (NASDAQ:APLD) Stock Price Up 1.5% – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD)’s stock price traded up 1.5% during trading on Thursday . The stock traded as high as $29.21 and last traded at $28.65. Approximately 13,484,583 shares traded hands during trading, a decline of 43% from the average daily volume of 23,820,729 shares. The stock had previously closed at $28.23.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Northland Securities set a $82.00 price target on shares of Applied Digital and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a report on Tuesday, July 21st. Craig Hallum raised their target price on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Finally, Citizens Jmp lifted their target price on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Thursday, May 21st. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Applied Digital currently has an average rating of “Moderate Buy” and a consensus price target of $68.15.

Applied Digital Trading Down 5.0%

The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01. The firm’s fifty day simple moving average is $32.78 and its 200-day simple moving average is $33.58. The stock has a market cap of $7.93 billion, a P/E ratio of -30.57 and a beta of 5.75.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The firm had revenue of $240.35 million during the quarter, compared to the consensus estimate of $96.85 million. During the same period in the prior year, the company posted ($0.24) earnings per share. The company’s revenue for the quarter was up 406.3% compared to the same quarter last year. Equities research analysts expect that Applied Digital Corporation will post -1.09 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 75,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the sale, the director owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 9.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. AQR Capital Management LLC lifted its stake in Applied Digital by 84.8% in the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock valued at $106,000 after buying an additional 8,692 shares during the period. NewEdge Advisors LLC lifted its position in Applied Digital by 239.1% in the 1st 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 in the last quarter. Geneos Wealth Management Inc. boosted its stake in Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after purchasing an additional 3,542 shares during the last quarter. Strs Ohio acquired a new position in Applied Digital during the 1st quarter valued at about $71,000. Finally, Cetera Investment Advisers increased its holdings in Applied Digital by 61.0% during the 2nd quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock worth $621,000 after purchasing an additional 23,360 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

About Applied Digital

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.