Applied Digital Co. (NASDAQ:APLD) Receives $8.40 Consensus PT from Brokerages

Shares of Applied Digital Co. (NASDAQ:APLD) have earned a consensus rating of “Buy” from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have covered the stock in the last year is $9.67.

A number of equities research analysts have issued reports on APLD shares. B. Riley boosted their target price on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday. Lake Street Capital upped their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday. HC Wainwright reissued a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a research note on Thursday, August 29th. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Thursday.

Applied Digital Stock Up 5.7 %

Shares of APLD opened at $7.28 on Thursday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The firm has a market capitalization of $1.56 billion, a P/E ratio of -6.22 and a beta of 4.56. Applied Digital has a 52 week low of $2.36 and a 52 week high of $8.78. The company has a 50-day simple moving average of $5.54 and a 200-day simple moving average of $4.79.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. The business’s revenue was up 67.2% on a year-over-year basis. On average, equities research analysts expect that Applied Digital will post -1.12 earnings per share for the current year.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the transaction, the director now directly owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 20.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

Large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. purchased a new position in shares of Applied Digital in the first quarter worth about $50,000. Headlands Technologies LLC boosted its stake in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock valued at $52,000 after purchasing an additional 6,933 shares during the period. ARS Investment Partners LLC bought a new position in shares of Applied Digital in the second quarter worth approximately $60,000. ICA Group Wealth Management LLC purchased a new position in shares of Applied Digital in the fourth quarter worth $81,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Applied Digital by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock valued at $103,000 after buying an additional 3,182 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.