Applied Digital (NASDAQ:APLD) Shares Up 2.6% – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD)’s share price traded up 2.6% during trading on Wednesday . The company traded as high as $25.00 and last traded at $24.91. Approximately 16,785,037 shares were traded during trading, a decline of 28% from the average daily volume of 23,357,938 shares. The stock had previously closed at $24.29.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Citizens Jmp lifted their target price on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 21st. Craig Hallum increased their price target on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Morgan Stanley raised their price target on Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Lucid Cap Mkts upgraded shares of Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Finally, Compass Point reissued a “buy” rating and issued a $70.00 price objective on shares of Applied Digital in a research report on Friday, May 22nd. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Stock Up 2.6%

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 company has a market cap of $7.26 billion, a P/E ratio of -27.99 and a beta of 5.72. The stock has a 50-day moving average of $30.05 and a 200 day moving average of $33.16.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The business had revenue of $240.35 million for the quarter, compared to the consensus estimate of $96.85 million. During the same quarter in the prior year, the company earned ($0.24) earnings per share. Applied Digital’s quarterly revenue was up 406.3% compared to the same quarter last year. Research analysts anticipate that Applied Digital Corporation will post -1.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 75,000 shares of the stock in a transaction dated Tuesday, August 4th. The stock was 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 owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 9.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after buying an additional 6,445,908 shares during the period. Situational Awareness LP grew its position in shares of Applied Digital by 14.1% during the 2nd quarter. Situational Awareness LP now owns 15,384,616 shares of the company’s stock worth $574,000 after buying an additional 1,906,178 shares during the period. California State Teachers Retirement System increased its stake in shares of Applied Digital by 3,718.0% in the 2nd quarter. California State Teachers Retirement System now owns 11,121,928 shares of the company’s stock valued at $414,848,000 after acquiring an additional 10,830,623 shares in the last quarter. Equitec Proprietary Markets LLC acquired a new position in shares of Applied Digital during the 2nd quarter valued at $312,349,000. Finally, Geode Capital Management LLC lifted its position in shares of Applied Digital by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after acquiring an additional 304,228 shares during the period. 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.