Applied Digital (NASDAQ:APLD) Trading Up 1.4% - Still a Buy?

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) shares were up 1.4% during trading on Wednesday . The company traded as high as $10.42 and last traded at $10.11. Approximately 9,568,089 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 38,288,832 shares. The stock had previously closed at $9.97.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on APLD shares. JMP Securities raised their target price on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research note on Tuesday, June 3rd. B. Riley raised their target price on Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. HC Wainwright raised their target price on Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Cantor Fitzgerald lowered their target price on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Finally, Compass Point reaffirmed a "neutral" rating and set a $13.00 price objective (up previously from $10.00) on shares of Applied Digital in a research report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $12.73.

Applied Digital Trading Up 0.9%

The firm has a market cap of $2.26 billion, a P/E ratio of -7.34 and a beta of 6.04. The stock has a fifty day simple moving average of $9.31 and a 200 day simple moving average of $7.78. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The business had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. During the same period in the previous year, the business posted ($0.24) EPS. On average, research analysts expect that Applied Digital Corporation will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the sale, the director owned 83,613 shares of the company's stock, valued at $585,291. The trade was a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 11.81% of the stock is owned by insiders.

Institutional Trading of Applied Digital

Large investors have recently modified their holdings of the company. PNC Financial Services Group Inc. bought a new stake in shares of Applied Digital in the first quarter worth $28,000. US Bancorp DE purchased a new position in Applied Digital during the fourth quarter valued at $37,000. Geneos Wealth Management Inc. lifted its position in Applied Digital by 113.3% during the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after purchasing an additional 3,542 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Applied Digital during the fourth quarter valued at $39,000. Finally, CWM LLC lifted its position in Applied Digital by 116.5% during the first quarter. CWM LLC now owns 9,506 shares of the company's stock valued at $53,000 after purchasing an additional 5,116 shares in the last quarter. 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.