Applied Digital (NASDAQ:APLD) Trading 2.1% Higher – Time to Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) rose 2.1% during trading on Tuesday . The stock traded as high as $34.86 and last traded at $32.77. Approximately 31,434,617 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 35,321,684 shares. The stock had previously closed at $32.11.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Thursday, October 9th. B. Riley reissued a “buy” rating on shares of Applied Digital in a report on Wednesday, October 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. HC Wainwright upped their target price on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Finally, Compass Point began coverage on Applied Digital in a report on Monday, September 15th. They set a “buy” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Applied Digital presently has a consensus rating of “Moderate Buy” and an average target price of $26.20.

Applied Digital Price Performance

The company has a market capitalization of $9.13 billion, a P/E ratio of -29.00 and a beta of 6.95. The business’s 50-day moving average is $29.42 and its two-hundred day moving average is $19.03. 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 released its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The firm had revenue of $64.22 million for the quarter, compared to analysts’ expectations of $52.25 million. During the same period in the previous year, the company earned ($0.15) earnings per share. The company’s quarterly revenue was up 84.3% on a year-over-year basis. As a group, analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In other news, Director Ella G. Benson sold 42,569 shares of the business’s stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $35.30, for a total transaction of $1,502,685.70. Following the completion of the transaction, the director owned 69,256 shares of the company’s stock, valued at approximately $2,444,736.80. The trade was a 38.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction 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 position. The SEC filing for this sale provides additional information. Insiders have sold 328,035 shares of company stock valued at $11,376,479 in the last quarter. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

A number of institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC increased its stake in shares of Applied Digital by 1.0% in the 3rd quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after acquiring an additional 376 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Applied Digital by 7.4% in the third quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the company’s stock worth $137,000 after purchasing an additional 408 shares during the period. Wedbush Securities Inc. increased its stake in shares of Applied Digital by 5.7% during the third quarter. Wedbush Securities Inc. now owns 10,785 shares of the company’s stock valued at $247,000 after purchasing an additional 585 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Applied Digital by 70.0% during the third quarter. Allworth Financial LP now owns 1,746 shares of the company’s stock valued at $40,000 after purchasing an additional 719 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted 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 purchasing an additional 787 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.