Applied Digital (NASDAQ:APLD) Stock Price Up 1.4% – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD)’s share price was up 1.4% on Monday . The stock traded as high as $49.96 and last traded at $47.94. Approximately 17,363,541 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 26,088,061 shares. The stock had previously closed at $47.28.

Analyst Upgrades and Downgrades

A number of research firms have commented on APLD. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Wall Street Zen cut Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Needham & Company LLC lifted their target price on Applied Digital from $51.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Finally, B. Riley Financial restated a “buy” rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a research note on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $59.11.

Applied Digital Trading Down 0.2%

The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The stock has a 50-day moving average price of $34.82 and a two-hundred day moving average price of $31.55. The stock has a market cap of $13.68 billion, a PE ratio of -64.67 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last posted 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). The firm had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.Applied Digital’s quarterly revenue was up 139.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. Sell-side analysts forecast that Applied Digital Corporation will post -0.68 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the transaction, the director owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 12,500 shares of Applied Digital stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value 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 represents a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 35,000 shares of company stock worth $1,182,175 over the last ninety days. Insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

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