Applied Digital (NASDAQ:APLD) Shares Up 4.1% – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD)’s stock price traded up 4.1% during trading on Monday . The company traded as high as $28.94 and last traded at $28.21. 24,814,221 shares were traded during mid-day trading, a decline of 30% from the average session volume of 35,582,336 shares. The stock had previously closed at $27.10.

Wall Street Analyst Weigh In

A number of analysts have issued reports on APLD shares. Northland Securities lifted their target price on shares of Applied Digital to $40.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. B. Riley restated a “buy” rating on shares of Applied Digital in a report on Wednesday, October 22nd. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research note on Thursday, October 9th. Craig Hallum increased their target price on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Applied Digital presently has an average rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Stock Up 4.1%

The stock has a market cap of $7.86 billion, a P/E ratio of -24.96 and a beta of 6.77. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29. The firm’s fifty day moving average is $28.59 and its 200 day moving average is $18.04.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The company had revenue of $64.22 million for the quarter, compared to the consensus estimate of $52.25 million. During the same period last year, the business posted ($0.15) earnings per share. The firm’s revenue was up 84.3% compared to the same quarter last year. As a group, equities research analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 34,375 shares of the firm’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $33.23, for a total value of $1,142,281.25. Following the sale, the director owned 263,612 shares in the company, valued at approximately $8,759,826.76. This trade represents a 11.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of the business’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $34.08, for a total transaction of $3,408,000.00. Following the transaction, the chief financial officer directly owned 158,912 shares in the company, valued at $5,415,720.96. This trade represents a 38.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 823,035 shares of company stock worth $18,930,179. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

A number of hedge funds have recently bought and sold shares of APLD. ProShare Advisors LLC lifted its stake in shares of Applied Digital by 1.0% in the third quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock valued at $841,000 after buying an additional 376 shares during the period. PNC Financial Services Group Inc. raised its holdings in Applied Digital by 7.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the company’s stock valued at $137,000 after acquiring an additional 408 shares in the last quarter. Wedbush Securities Inc. lifted its position in shares of Applied Digital by 5.7% in the 3rd quarter. Wedbush Securities Inc. now owns 10,785 shares of the company’s stock worth $247,000 after acquiring an additional 585 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Applied Digital by 51.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,306 shares of the company’s stock worth $53,000 after acquiring an additional 787 shares during the period. Finally, Evolution Wealth Management Inc. grew its holdings in shares of Applied Digital by 101.8% during the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares in the last quarter. 65.67% of the stock is owned by institutional investors.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.