Applied Digital Co. (NASDAQ:APLD) Receives Average Rating of “Buy” from Analysts

Applied Digital Co. (NASDAQ:APLD) has earned an average rating of “Buy” from the seven research firms that are currently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $11.14.

Several analysts recently issued reports on APLD shares. HC Wainwright lifted their target price on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. B. Riley boosted their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Lake Street Capital upped their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a report on Friday, November 1st. Finally, Cantor Fitzgerald began coverage on shares of Applied Digital in a report on Friday, December 20th. They set an “overweight” rating and a $15.00 price objective for the company.

Applied Digital Stock Down 8.8 %

APLD stock opened at $8.39 on Tuesday. The business’s 50-day moving average price is $8.55 and its 200-day moving average price is $6.68. The stock has a market cap of $1.77 billion, a P/E ratio of -7.17 and a beta of 4.67. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.25.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. The business had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. On average, equities research analysts forecast that Applied Digital will post -0.4 EPS for the current year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. The trade was a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 359,369 shares of company stock worth $3,115,161 over the last 90 days. 11.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently made changes to their positions in APLD. Headlands Technologies LLC grew its position in Applied Digital by 381.8% in the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after acquiring an additional 6,933 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Applied Digital during the third quarter valued at $59,000. Beacon Harbor Wealth Advisors Inc. bought a new position in shares of Applied Digital in the third quarter worth about $83,000. Wealth Enhancement Advisory Services LLC purchased a new position in Applied Digital in the 3rd quarter worth about $88,000. Finally, Chesapeake Capital Corp IL bought a new stake in Applied Digital during the 3rd quarter valued at about $94,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.