Applied Digital (NASDAQ:APLD) Trading 3.2% Higher – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD) shares traded up 3.2% on Monday . The stock traded as high as $24.97 and last traded at $24.81. 16,372,825 shares were traded during mid-day trading, a decline of 53% from the average session volume of 34,764,480 shares. The stock had previously closed at $24.05.

Wall Street Analyst Weigh In

A number of brokerages have commented on APLD. Craig Hallum lifted their price objective on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Compass Point initiated coverage on Applied Digital in a research report on Monday, September 15th. They issued a “buy” rating for the company. B. Riley reissued a “buy” rating on shares of Applied Digital in a research note on Wednesday, October 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Finally, HC Wainwright lifted their target price on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $26.20.

Applied Digital Trading Up 3.2%

The company’s 50 day simple moving average is $28.37 and its 200-day simple moving average is $20.66. The firm has a market cap of $6.93 billion, a P/E ratio of -21.96 and a beta of 6.95. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, topping 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 firm had revenue of $64.22 million for the quarter, compared to the consensus estimate of $52.25 million. During the same period in the prior year, the business posted ($0.15) earnings per share. The company’s revenue for the quarter was up 84.3% on a year-over-year basis. As a group, research analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Richard N. Nottenburg sold 9,375 shares of the firm’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $35.91, for a total value of $336,656.25. Following the transaction, the director owned 249,237 shares of the company’s stock, valued at $8,950,100.67. This trade represents a 3.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Rachel H. Lee sold 24,213 shares of Applied Digital stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $33.20, for a total transaction of $803,871.60. Following the sale, the director owned 59,400 shares of the company’s stock, valued at $1,972,080. The trade was a 28.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 328,035 shares of company stock valued at $11,376,479. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently added to or reduced their stakes in the stock. Scientech Research LLC bought a new stake in Applied Digital during the 1st quarter valued at $806,000. Voya Investment Management LLC lifted its stake in shares of Applied Digital by 403.4% during the 3rd quarter. Voya Investment Management LLC now owns 1,464,909 shares of the company’s stock worth $33,605,000 after purchasing an additional 1,173,929 shares during the last quarter. Chelsea Counsel Co. bought a new stake in Applied Digital during the second quarter valued at about $582,000. Lake Hills Wealth Management LLC bought a new stake in Applied Digital during the second quarter valued at about $184,000. Finally, KLP Kapitalforvaltning AS grew its stake in Applied Digital by 27.7% in the second quarter. KLP Kapitalforvaltning AS now owns 41,500 shares of the company’s stock valued at $418,000 after purchasing an additional 9,000 shares during the last quarter. 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.