Applied Digital (NASDAQ:APLD) Reaches New 12-Month High – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $46.64 and last traded at $44.59, with a volume of 27316729 shares changing hands. The stock had previously closed at $41.25.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Northland Securities set a $56.00 target price on Applied Digital in a research report on Wednesday, January 28th. Citigroup reissued an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Roth Mkm reissued a “buy” rating and issued a $65.00 target price on shares of Applied Digital in a research report on Thursday, April 23rd. Citizens Jmp reissued a “market outperform” rating and issued a $40.00 target price on shares of Applied Digital in a research report on Thursday, April 9th. Finally, Needham & Company LLC raised their target price on Applied Digital to $48.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Applied Digital has a consensus rating of “Moderate Buy” and a consensus price target of $44.33.

Applied Digital Stock Up 3.5%

The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65. The stock has a 50-day simple moving average of $30.24 and a 200-day simple moving average of $30.43. The firm has a market capitalization of $13.00 billion, a PE ratio of -61.46 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last released its 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). The firm had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business’s quarterly revenue was up 139.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.08) earnings per share. Analysts forecast that Applied Digital Corporation will post -0.61 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% 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 12,500 shares of Applied Digital stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the transaction, the director owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in APLD. Teachers Retirement System of The State of Kentucky bought a new stake in Applied Digital during the third quarter valued at $994,000. Federated Hermes Inc. bought a new stake in Applied Digital during the third quarter worth about $3,204,000. AlphaQuest LLC bought a new stake in Applied Digital during the third quarter worth about $1,369,000. MRA Advisory Group bought a new stake in Applied Digital during the third quarter worth about $978,000. Finally, Vanguard Group Inc. lifted its stake in Applied Digital by 23.2% during the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock worth $406,547,000 after purchasing an additional 3,339,062 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other 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.