Applied Digital (NASDAQ:APLD) Shares Up 3.3% - Time to Buy?

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) shares shot up 3.3% during trading on Monday . The company traded as high as $9.69 and last traded at $9.48. 9,057,573 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 38,428,586 shares. The stock had previously closed at $9.18.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on APLD shares. JMP Securities upped their price objective on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research report on Tuesday, June 3rd. Cantor Fitzgerald lowered their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Craig Hallum upped their price objective on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Monday, June 2nd. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $12.73.

Applied Digital Price Performance

The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $2.46 billion, a PE ratio of -7.96 and a beta of 6.04. The firm has a 50 day moving average price of $9.31 and a 200 day moving average price of $7.78.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The company had revenue of $52.92 million during the quarter, compared to analysts' expectations 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 quarter last year, the company earned ($0.24) earnings per share. Research analysts anticipate that Applied Digital Corporation will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. US Bancorp DE bought a new position in Applied Digital in the 4th quarter worth $37,000. PNC Financial Services Group Inc. bought a new position in Applied Digital in the 1st quarter worth $28,000. Jones Financial Companies Lllp bought a new position in shares of Applied Digital during the 4th quarter valued at about $39,000. Geneos Wealth Management Inc. boosted its holdings in shares of Applied Digital by 113.3% during the 1st 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 during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in shares of Applied Digital during the 2nd quarter valued at about $66,000. Institutional investors own 65.67% of the company's stock.

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.