Applied Digital (NASDAQ:APLD) Shares Up 8.9% – Time to Buy?

Applied Digital Co. (NASDAQ:APLD)’s stock price shot up 8.9% during trading on Friday . The stock traded as high as $6.85 and last traded at $6.84. 6,452,677 shares were traded during mid-day trading, a decline of 76% from the average session volume of 27,203,877 shares. The stock had previously closed at $6.28.

Analyst Ratings Changes

Several research firms have commented on APLD. Compass Point began coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective on the stock. HC Wainwright upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Monday, February 24th. Cantor Fitzgerald decreased their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Finally, Northland Securities upped their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $12.11.

Applied Digital Trading Up 11.5 %

The business’s 50 day simple moving average is $8.11 and its two-hundred day simple moving average is $7.82. The stock has a market cap of $1.56 billion, a P/E ratio of -4.05 and a beta of 4.69. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company’s revenue was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. As a group, analysts expect that Applied Digital Co. will post -0.96 EPS for the current year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of APLD. Polar Asset Management Partners Inc. bought a new position in shares of Applied Digital in the 4th quarter worth about $510,000. Mackenzie Financial Corp bought a new position in shares of Applied Digital in the 4th quarter worth about $92,000. GTS Securities LLC bought a new stake in Applied Digital in the 4th quarter valued at about $196,000. Two Seas Capital LP bought a new stake in Applied Digital in the 4th quarter valued at about $5,062,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Applied Digital by 271.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company’s stock valued at $2,623,000 after buying an additional 250,944 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

About Applied Digital

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.