Applied Digital (NASDAQ:APLD) Shares Up 1.9% – Still a Buy?

Shares of Applied Digital Corporation (NASDAQ:APLD) rose 1.9% on Friday . The stock traded as high as $31.33 and last traded at $31.20. Approximately 17,314,692 shares traded hands during trading, a decline of 28% from the average session volume of 24,011,029 shares. The stock had previously closed at $30.62.

Analyst Ratings Changes

APLD has been the topic of a number of research reports. Morgan Stanley boosted their price objective on Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Northland Securities set a $82.00 price target on shares of Applied Digital and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Compass Point reissued a “buy” rating and set a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Craig Hallum boosted their price objective on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Finally, Lake Street Capital upped their price target on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $68.15.

Applied Digital Stock Performance

The company’s 50-day moving average is $34.20 and its two-hundred day moving average is $33.92. The company has a market capitalization of $9.09 billion, a P/E ratio of -35.06 and a beta of 5.75. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88.

Applied Digital (NASDAQ:APLD) last issued 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 the consensus estimate of $96.85 million. During the same period in the previous year, the company earned ($0.24) EPS. Applied Digital’s quarterly revenue was up 406.3% on a year-over-year basis. Equities analysts anticipate that Applied Digital Corporation will post -1.09 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 75,000 shares of the business’s 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 completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. AQR Capital Management LLC lifted its holdings in Applied Digital by 84.8% in the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock worth $106,000 after buying an additional 8,692 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Applied Digital by 239.1% in the 1st quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock worth $187,000 after purchasing an additional 23,457 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after acquiring an additional 3,542 shares during the period. Strs Ohio bought a new stake in Applied Digital in the 1st quarter worth approximately $71,000. Finally, Cetera Investment Advisers grew its holdings in shares of Applied Digital by 61.0% in the second quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock worth $621,000 after acquiring an additional 23,360 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.