Applied Digital (NASDAQ:APLD) Trading 16.1% Higher - Should You Buy?

Applied Digital Co. (NASDAQ:APLD - Get Free Report)'s stock price traded up 16.1% on Friday . The stock traded as high as $6.72 and last traded at $6.49. 27,515,479 shares traded hands during trading, a decline of 7% from the average session volume of 29,440,033 shares. The stock had previously closed at $5.59.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Compass Point assumed coverage on Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 target price for the company. HC Wainwright dropped their price objective on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Needham & Company LLC reissued a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a report on Wednesday, April 23rd. Northland Securities lifted their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald decreased their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital currently has a consensus rating of "Buy" and a consensus price target of $10.67.

Applied Digital Trading Up 23.4%

The company has a 50-day simple moving average of $5.54 and a 200-day simple moving average of $7.40. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market cap of $1.55 billion, a P/E ratio of -3.99 and a beta of 5.98.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same quarter in the previous year, the firm posted ($0.24) EPS. On average, sell-side analysts forecast that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB increased its stake in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after buying an additional 2,000 shares during the period. R Squared Ltd acquired a new stake in shares of Applied Digital in the 4th quarter valued at $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital in the 4th quarter valued at $37,000. PNC Financial Services Group Inc. acquired a new stake in shares of Applied Digital in the 1st quarter valued at $28,000. Finally, Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital in the 4th quarter valued at $39,000. 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.

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