Applied Digital (NASDAQ:APLD) Sets New 52-Week High - Should You Buy?

Key Points

• Applied Digital Corporation's stock reached a new 52-week high of $17.68, closing at $17.56 with a trading volume of over 13 million shares.
• Major analysts have given the stock a consensus rating of "Buy", with price targets ranging from $15.00 to $18.00.
• Institutional investors hold approximately 65.67% of the company's stock, with significant increases in positions by BNP Paribas Financial Markets and Tidal Investments LLC.

Applied Digital Corporation (NASDAQ:APLD - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $17.68 and last traded at $17.56, with a volume of 13151378 shares. The stock had previously closed at $16.98.

Analyst Ratings Changes

Several equities research analysts have recently commented on APLD shares. B. Riley upped their price objective on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Needham & Company LLC upped their price objective on Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Roth Capital reiterated a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd. Citigroup reiterated an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Finally, Lake Street Capital increased their price target on Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $15.64.

Applied Digital Trading Up 0.6%

The company has a market capitalization of $4.47 billion, a PE ratio of -15.67 and a beta of 6.64. The stock has a fifty day moving average of $13.14 and a 200 day moving average of $9.32. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported ($0.12) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.12). The firm had revenue of $38.01 million during the quarter, compared to analyst estimates of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%.The business's quarterly revenue was up 41.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.14) earnings per share. As a group, sell-side analysts predict that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $1,144,500.00. Following the completion of the transaction, the chief financial officer owned 201,800 shares in the company, valued at $3,079,468. This trade represents a 27.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $305,200.00. Following the transaction, the director owned 297,987 shares of the company's stock, valued at approximately $4,547,281.62. The trade was a 6.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 506,250 shares of company stock worth $7,713,675 over the last 90 days. Corporate insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in APLD. BNP Paribas Financial Markets increased its position in shares of Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company's stock valued at $52,561,000 after purchasing an additional 5,198,223 shares during the last quarter. Situational Awareness LP bought a new position in shares of Applied Digital during the 1st quarter valued at approximately $22,680,000. Tidal Investments LLC increased its position in shares of Applied Digital by 14,635.7% during the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock valued at $12,972,000 after purchasing an additional 1,686,328 shares during the last quarter. Partners Capital Investment Group LLP bought a new position in shares of Applied Digital during the 1st quarter valued at approximately $8,673,000. Finally, HRT Financial LP bought a new position in shares of Applied Digital during the 2nd quarter valued at approximately $14,759,000. Institutional investors own 65.67% of the company's stock.

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.

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