Applied Digital (NASDAQ:APLD) Shares Up 1.8% – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD)’s stock price was up 1.8% during mid-day trading on Wednesday . The company traded as high as $25.94 and last traded at $24.52. Approximately 28,794,398 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 34,704,496 shares. The stock had previously closed at $24.08.

Analysts Set New Price Targets

A number of research analysts have recently commented on APLD shares. Craig Hallum upped their price objective on shares of Applied Digital to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Lake Street Capital reaffirmed a “buy” rating and set a $45.00 price target on shares of Applied Digital in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 price target on shares of Applied Digital in a report on Wednesday, October 29th. Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Tuesday. Finally, Compass Point assumed coverage on Applied Digital in a report on Monday, September 15th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Applied Digital presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Applied Digital Price Performance

The company’s fifty day moving average is $27.68 and its two-hundred day moving average is $20.89. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a market cap of $6.85 billion, a price-to-earnings ratio of -21.70 and a beta of 6.89.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. The firm had revenue of $64.22 million during the quarter, compared to the consensus estimate of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The firm’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.15) EPS. Equities research analysts forecast that Applied Digital Corporation will post -0.96 EPS for the current year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,213 shares of the company’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $33.20, for a total value of $803,871.60. Following the completion of the transaction, the director owned 59,400 shares in the company, valued at $1,972,080. This represents a 28.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 34,375 shares of the business’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $33.23, for a total transaction of $1,142,281.25. Following the transaction, the director directly owned 263,612 shares in the company, valued at approximately $8,759,826.76. The trade was a 11.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 328,035 shares of company stock worth $11,376,479 over the last 90 days. 9.50% of the stock is owned by corporate insiders.

Institutional Trading of Applied Digital

Several large investors have recently modified their holdings of the business. BNP Paribas Financial Markets increased its position in shares of Applied Digital by 24,356.8% during the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after acquiring an additional 5,198,223 shares during the last quarter. Vanguard Group Inc. increased its holdings in Applied Digital by 23.2% during the 3rd 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. Two Sigma Investments LP acquired a new position in shares of Applied Digital in the 3rd quarter valued at approximately $69,535,000. Situational Awareness LP raised its position in shares of Applied Digital by 63.3% in the 2nd quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after purchasing an additional 2,556,200 shares in the last quarter. Finally, HRT Financial LP purchased a new position in shares of Applied Digital during the 2nd quarter valued at approximately $14,759,000. 65.67% of the stock is currently 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.