Applied Digital (NASDAQ:APLD) Hits New 1-Year High - Should You Buy?

Key Points

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Applied Digital Corporation (NASDAQ:APLD - Get Free Report) shares hit a new 52-week high on Tuesday . The stock traded as high as $16.92 and last traded at $16.34, with a volume of 70408509 shares trading hands. The stock had previously closed at $14.09.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Roth Capital reissued a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. Lake Street Capital increased their price objective on shares of Applied Digital from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. B. Riley increased their price objective on shares of Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Craig Hallum increased their price objective on shares of Applied Digital from $12.00 to $23.00 and gave the company a "buy" rating in a research report on Monday. Finally, HC Wainwright increased their price objective on shares of Applied Digital from $12.00 to $15.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $15.18.

Applied Digital Price Performance

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.36. The company's 50 day moving average is $11.72 and its 200 day moving average is $8.66. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of -15.10 and a beta of 6.17.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). The business had revenue of $38.01 million for the quarter, compared to the consensus estimate of $42.86 million. Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. Applied Digital's revenue was up 41.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.14) earnings per share. On average, equities research analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 11,250 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $14.22, for a total transaction of $159,975.00. Following the sale, the director directly owned 317,987 shares in the company, valued at $4,521,775.14. This represents a 3.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

Large investors have recently bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new stake in Applied Digital during the second quarter worth about $25,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Applied Digital during the second quarter worth about $26,000. PNC Financial Services Group Inc. acquired a new stake in Applied Digital during the first quarter worth about $28,000. Geneos Wealth Management Inc. grew its stake in Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after buying an additional 3,542 shares in the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in Applied Digital during the second quarter worth about $42,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Company Profile

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.