Applied Digital (NASDAQ:APLD) Trading Up 2.2% – Still a Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) rose 2.2% during trading on Thursday . The company traded as high as $47.78 and last traded at $46.59. 14,482,586 shares were traded during mid-day trading, a decline of 43% from the average session volume of 25,508,365 shares. The stock had previously closed at $45.57.

Analyst Ratings Changes

A number of research analysts have commented on APLD shares. B. Riley Financial reiterated a “buy” rating and set a $66.00 price target (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th. Wall Street Zen cut Applied Digital from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Roth Mkm reiterated a “buy” rating and issued a $65.00 price objective on shares of Applied Digital in a report on Thursday, April 23rd. Lake Street Capital boosted their target price on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Finally, Needham & Company LLC increased their target price on Applied Digital from $66.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Applied Digital presently has an average rating of “Moderate Buy” and a consensus target price of $70.56.

Applied Digital Stock Up 2.2%

The company has a market capitalization of $13.31 billion, a P/E ratio of -62.96 and a beta of 5.69. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The stock’s fifty day moving average is $39.22 and its 200 day moving average is $33.24.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. During the same period last year, the business earned ($0.08) EPS. Applied Digital’s revenue was up 139.3% on a year-over-year basis. Research analysts predict that Applied Digital Corporation will post -0.68 EPS for the current fiscal year.

Insider Activity

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. This trade represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the transaction, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. This represents a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,000 shares of company stock worth $1,182,175 over the last three months. 9.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. boosted its holdings in Applied Digital by 8.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock valued at $93,000 after acquiring an additional 300 shares in the last quarter. Concurrent Investment Advisors LLC lifted its position in shares of Applied Digital by 1.5% in the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after purchasing an additional 318 shares during the period. Brookstone Capital Management boosted its stake in shares of Applied Digital by 3.6% during the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after purchasing an additional 321 shares in the last quarter. Independent Advisor Alliance boosted its stake in shares of Applied Digital by 4.6% during the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock valued at $226,000 after purchasing an additional 407 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Applied Digital by 7.4% during the third quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the company’s stock valued at $137,000 after buying an additional 408 shares during the period. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.