Applied Digital (NASDAQ:APLD) Trading Up 2.2% – Should You Buy?

Applied Digital Corporation (NASDAQ:APLD) shares rose 2.2% during mid-day trading on Tuesday . The stock traded as high as $30.11 and last traded at $29.69. Approximately 11,793,757 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 24,146,463 shares. The stock had previously closed at $29.06.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on APLD shares. Lake Street Capital increased their price target on shares of Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Citigroup restated a “market outperform” rating on shares of Applied Digital in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday, July 21st. B. Riley Financial reaffirmed a “buy” rating and set a $75.00 target price (up from $66.00) on shares of Applied Digital in a report on Monday, August 3rd. Finally, Craig Hallum lifted their target price on shares of Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Applied Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.15.

Applied Digital Price Performance

The company has a market capitalization of $8.65 billion, a PE ratio of -33.36 and a beta of 5.75. The firm has a fifty day moving average of $35.10 and a two-hundred day moving average of $34.03. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $240.35 million during the quarter, compared to analysts’ expectations of $96.85 million. During the same period last year, the firm earned ($0.24) earnings per share. Applied Digital’s revenue for the quarter was up 406.3% on a year-over-year basis. Research analysts anticipate that Applied Digital Corporation will post -1.08 EPS for the current fiscal year.

Insider Activity

In related news, Director Richard N. Nottenburg sold 75,000 shares of Applied Digital stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total value of $2,336,250.00. Following the transaction, the director directly owned 133,378 shares of the company’s stock, valued at $4,154,724.70. The trade was a 35.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently added to or reduced their stakes in the company. Activest Wealth Management bought a new stake in shares of Applied Digital in the fourth quarter worth about $25,000. Ameriflex Group Inc. bought a new stake in Applied Digital during the 4th quarter valued at about $25,000. McMillan Office Inc. purchased a new position in Applied Digital in the 4th quarter worth approximately $25,000. Larson Financial Group LLC raised its holdings in Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock worth $26,000 after acquiring an additional 1,129 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new position in Applied Digital in the 2nd quarter valued at approximately $26,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.