Applied Digital (NASDAQ:APLD) Stock Price Up 12.1% – Time to Buy?
by Teresa Graham · The Cerbat GemApplied Digital Corporation (NASDAQ:APLD – Get Free Report)’s stock price traded up 12.1% on Thursday . The stock traded as high as $37.27 and last traded at $36.35. 55,097,384 shares were traded during mid-day trading, an increase of 103% from the average session volume of 27,083,430 shares. The stock had previously closed at $32.43.
Analysts Set New Price Targets
Several analysts recently weighed in on the stock. Zacks Research downgraded shares of Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 8th. B. Riley Financial increased their price objective on Applied Digital to $53.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Lake Street Capital reissued a “buy” rating and issued a $45.00 price objective on shares of Applied Digital in a report on Tuesday, December 30th. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Finally, Freedom Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.56.
Applied Digital Stock Up 12.1%
The firm’s fifty day moving average price is $28.27 and its 200-day moving average price is $29.88. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The firm has a market capitalization of $10.39 billion, a P/E ratio of -49.12 and a beta of 7.25.
Applied Digital (NASDAQ:APLD – Get Free Report) last posted its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The company had revenue of $108.55 million during the quarter, compared to the consensus estimate of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The company’s revenue was up 139.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.08) earnings per share. As a group, equities research analysts forecast that Applied Digital Corporation will post -0.52 earnings per share for the current year.
Insider Activity at Applied Digital
In other news, Director Chuck Hastings sold 45,987 shares of the business’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $38.57, for a total value of $1,773,718.59. Following the sale, the director owned 388,372 shares of the company’s stock, valued at approximately $14,979,508.04. The trade was a 10.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 9.50% of the company’s stock.
Hedge Funds Weigh In On Applied Digital
Large investors have recently made changes to their positions in the business. Teachers Retirement System of The State of Kentucky bought a new position in shares of Applied Digital in the third quarter valued at $994,000. Federated Hermes Inc. bought a new position in shares of Applied Digital in the third quarter valued at $3,204,000. AlphaQuest LLC bought a new position in shares of Applied Digital in the third quarter valued at $1,369,000. MRA Advisory Group bought a new position in shares of Applied Digital in the third quarter valued at $978,000. Finally, Vanguard Group Inc. increased its holdings in shares of Applied Digital by 23.2% in the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock valued at $406,547,000 after buying an additional 3,339,062 shares in the last quarter. 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.