Applied Digital (NASDAQ:APLD) Stock Price Up 2.6% – Time to Buy?

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

Analyst Ratings Changes

A number of analysts recently commented on APLD shares. Zacks Research cut shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 26th. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Morgan Stanley lifted their price objective on Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Craig Hallum increased their target price on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Finally, Wall Street Zen downgraded shares of Applied Digital from a “sell” rating to a “strong sell” rating in a report on Sunday, August 30th. Three 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Stock Performance

The stock has a fifty day simple moving average of $29.41 and a 200-day simple moving average of $33.01. The stock has a market cap of $7.55 billion, a P/E ratio of -29.11 and a beta of 5.72. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The firm had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The company’s revenue was up 406.3% compared to the same quarter last year. During the same period last year, the company earned ($0.24) EPS. On average, equities analysts expect that Applied Digital Corporation will post -1.09 earnings per share for the current year.

Insider Activity at Applied Digital

In related news, Director Richard Nottenburg sold 75,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the completion of the transaction, the director owned 133,378 shares in the company, 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 document filed with the SEC, which can be accessed through this hyperlink. 9.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Situational Awareness LP boosted its stake 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 last quarter. California State Teachers Retirement System raised its holdings in Applied Digital by 3,718.0% during the second quarter. California State Teachers Retirement System now owns 11,121,928 shares of the company’s stock worth $414,848,000 after acquiring an additional 10,830,623 shares in the last quarter. Equitec Proprietary Markets LLC bought a new stake in Applied Digital during the second quarter worth about $312,349,000. Geode Capital Management LLC boosted its position in Applied Digital by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 6,285,820 shares of the company’s stock valued at $154,151,000 after purchasing an additional 304,228 shares during the last quarter. Finally, Value Aligned Research Advisors LLC acquired a new position in Applied Digital during the fourth quarter valued at approximately $138,380,000. 65.67% of the stock is owned by 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.