Applied Digital (NASDAQ:APLD) Trading 3% Higher - Should You Buy?

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) traded up 3% on Monday . The stock traded as high as $5.73 and last traded at $5.55. 13,417,897 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 28,806,652 shares. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

APLD has been the topic of a number of recent analyst reports. Compass Point initiated coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective on the stock. HC Wainwright cut 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 reiterated a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a report on Wednesday, April 23rd. Cantor Fitzgerald cut their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. Finally, Northland Securities boosted their price objective on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital has an average rating of "Buy" and a consensus price target of $10.67.

Applied Digital Stock Performance

The stock has a market cap of $1.19 billion, a P/E ratio of -3.07 and a beta of 5.98. The company has a fifty day moving average of $5.65 and a 200 day moving average of $7.46. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same quarter last year, the business posted ($0.24) earnings per share. On average, equities analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current fiscal year.

Institutional Trading of Applied Digital

Several large investors have recently added to or reduced their stakes in APLD. Vontobel Holding Ltd. lifted its stake in Applied Digital by 9.8% in the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after acquiring an additional 1,500 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after acquiring an additional 1,692 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after acquiring an additional 2,000 shares during the last quarter. Wedbush Securities Inc. lifted its stake in Applied Digital by 14.8% in the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock valued at $87,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Applied Digital by 29.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,778 shares of the company's stock valued at $77,000 after acquiring an additional 3,127 shares during the last quarter. 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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