Applied Digital (NASDAQ:APLD) Trading 8.1% Higher – Still a Buy?

Applied Digital Corporation (NASDAQ:APLD) shares were up 8.1% during trading on Monday . The company traded as high as $46.64 and last traded at $44.59. Approximately 27,246,503 shares were traded during trading, an increase of 2% from the average daily volume of 26,759,795 shares. The stock had previously closed at $41.25.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on APLD shares. Northland Securities set a $56.00 price target on Applied Digital in a report on Wednesday, January 28th. Roth Mkm reissued a “buy” rating and set a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. Needham & Company LLC raised their price target on Applied Digital to $48.00 and gave the company a “buy” rating in a report on Friday, April 24th. Zacks Research raised Applied Digital from a “strong sell” rating to a “hold” rating in a report on Thursday. Finally, Citigroup reissued an “outperform” rating on shares of Applied Digital in a report on Wednesday, January 28th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Applied Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.33.

Applied Digital Price Performance

The company has a 50 day moving average of $29.56 and a two-hundred day moving average of $30.26. The firm has a market cap of $12.74 billion, a P/E ratio of -60.26 and a beta of 5.69. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The firm had revenue of $108.55 million for the quarter, compared to the consensus estimate of $78.47 million. During the same period in the prior year, the business earned ($0.08) EPS. The company’s quarterly revenue was up 139.3% compared to the same quarter last year. Sell-side analysts expect that Applied Digital Corporation will post -0.61 EPS for the current year.

Insiders Place Their Bets

In related news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the transaction, the director owned 184,859 shares in the company, valued at $6,466,367.82. This trade represents a 5.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the transaction, the director owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 35,000 shares of company stock valued at $1,182,175 in the last quarter. 9.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. boosted its position in shares of Applied Digital by 8.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 3,800 shares of the company’s stock valued at $93,000 after purchasing an additional 300 shares during the period. Concurrent Investment Advisors LLC boosted its position in shares of Applied Digital by 1.5% in the 4th quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock valued at $523,000 after purchasing an additional 318 shares during the period. Brookstone Capital Management boosted its position in shares of Applied Digital by 3.6% in the 4th quarter. Brookstone Capital Management now owns 9,275 shares of the company’s stock valued at $227,000 after purchasing an additional 321 shares during the period. ProShare Advisors LLC boosted its position in Applied Digital by 1.0% during the 3rd quarter. ProShare Advisors LLC now owns 36,652 shares of the company’s stock worth $841,000 after acquiring an additional 376 shares during the period. Finally, Independent Advisor Alliance boosted its position in Applied Digital by 4.6% during the 4th quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock worth $226,000 after acquiring an additional 407 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.