Applied Digital (NASDAQ:APLD) Stock Price Up 7.3% – Should You Buy?

Applied Digital Corporation (NASDAQ:APLD) was up 7.3% during trading on Tuesday . The stock traded as high as $28.93 and last traded at $28.85. Approximately 13,233,094 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 23,647,449 shares. The stock had previously closed at $26.89.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on APLD shares. Craig Hallum raised their target price on shares of Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Citigroup restated a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Compass Point restated a “buy” rating and set a $70.00 price objective on shares of Applied Digital in a report on Friday, May 22nd. Citizens Jmp upped their target price on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Thursday, May 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a report on Tuesday, July 21st. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Applied Digital currently has a consensus rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Stock Performance

The company has a market cap of $8.12 billion, a P/E ratio of -31.35 and a beta of 5.75. The company has a debt-to-equity ratio of 2.88, a current ratio of 4.01 and a quick ratio of 4.01. The stock has a fifty day moving average price of $31.67 and a two-hundred day moving average price of $33.47.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Monday, July 27th. The company reported ($0.39) earnings per share (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 company had revenue of $240.35 million during the quarter, compared to the consensus estimate of $96.85 million. During the same quarter in the prior year, the company earned ($0.24) EPS. The business’s quarterly revenue was up 406.3% on a year-over-year basis. On average, equities analysts forecast that Applied Digital Corporation will post -1.09 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Applied Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Activest Wealth Management acquired a new position in Applied Digital in the fourth quarter worth approximately $25,000. Ameriflex Group Inc. acquired a new position in shares of Applied Digital in the 4th quarter worth $25,000. McMillan Office Inc. acquired a new stake in shares of Applied Digital during the fourth quarter worth $25,000. Larson Financial Group LLC raised its position in shares of Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock worth $26,000 after purchasing an additional 1,129 shares during the period. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Applied Digital during the second quarter valued at $26,000. 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.