Applied Digital (NASDAQ:APLD) Shares Up 0.2% – Time to Buy?

24 Oct 2024, 14:18 by Scott Moore · The Cerbat Gem

Applied Digital Co. (NASDAQ:APLD – Get Free Report)’s share price was up 0.2% on Thursday . The company traded as high as $8.97 and last traded at $8.63. Approximately 2,187,551 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 6,889,104 shares. The stock had previously closed at $8.61.

Analyst Ratings Changes

Several research firms have recently commented on APLD. Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Thursday, October 17th. Lake Street Capital boosted their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Craig Hallum raised their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Finally, HC Wainwright raised their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $10.50.

Read Our Latest Stock Analysis on Applied Digital

Applied Digital Stock Down 4.5 %

The firm has a market capitalization of $1.13 billion, a P/E ratio of -10.33 and a beta of 4.56. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The stock has a fifty day moving average of $6.21 and a 200 day moving average of $5.03.

Applied Digital (NASDAQ:APLD – Get Free Report) last released its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same period in the previous year, the business posted ($0.10) EPS. The business’s revenue for the quarter was up 67.2% compared to the same quarter last year. On average, research analysts anticipate that Applied Digital Co. will post -1.12 EPS for the current fiscal year.

Insider Buying and Selling at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares in the company, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 100,000 shares of company stock worth $724,700 over the last three months. 20.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC boosted its holdings in shares of Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares during the period. ARS Investment Partners LLC bought a new position in Applied Digital in the 2nd quarter worth about $60,000. Wealth Enhancement Advisory Services LLC purchased a new position in Applied Digital during the 3rd quarter valued at about $88,000. Principal Financial Group Inc. bought a new stake in shares of Applied Digital during the first quarter valued at about $50,000. Finally, Crumly & Associates Inc. purchased a new stake in shares of Applied Digital in the second quarter worth about $110,000. 65.67% of the stock is owned by institutional investors.

About Applied Digital

(Get Free Report)