Applied Digital (NASDAQ:APLD) Trading Up 7.7% – Still a Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) traded up 7.7% during trading on Monday . The company traded as high as $30.10 and last traded at $29.49. Approximately 21,197,521 shares traded hands during trading, a decline of 14% from the average session volume of 24,538,846 shares. The stock had previously closed at $27.39.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on APLD. Citizens Jmp increased their price objective on shares of Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a report on Thursday, May 21st. Wall Street Zen downgraded Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Craig Hallum increased their price target on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Roth Capital reiterated a “buy” rating and set a $65.00 price target on shares of Applied Digital in a research report on Thursday, April 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a report on Tuesday, July 21st. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $68.05.

Applied Digital Trading Down 4.5%

The firm has a market capitalization of $8.71 billion, a price-to-earnings ratio of -33.56 and a beta of 5.75. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88. The firm’s 50 day moving average is $36.64 and its 200 day moving average is $34.23.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Monday, July 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.30). The company had revenue of $240.35 million during the quarter, compared to the consensus estimate of $96.85 million. Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. Applied Digital’s quarterly revenue was up 406.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.24) EPS. Equities analysts forecast that Applied Digital Corporation will post -0.88 earnings per share for the current year.

Institutional Trading of Applied Digital

A number of hedge funds have recently bought and sold shares of APLD. Albion Financial Group UT purchased a new position in shares of Applied Digital in the fourth quarter worth approximately $25,000. Activest Wealth Management acquired a new position in Applied Digital in the 4th quarter worth approximately $25,000. FNY Investment Advisers LLC acquired a new position in Applied Digital in the 2nd quarter worth approximately $37,000. Ameriflex Group Inc. purchased a new stake in shares of Applied Digital in the fourth quarter valued at $25,000. Finally, McMillan Office Inc. acquired a new stake in shares of Applied Digital in the fourth quarter worth $25,000. 65.67% of the stock is owned by hedge funds and other 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.