Applied Digital Co. (NASDAQ:APLD) Given Average Recommendation of “Buy” by Brokerages

Applied Digital Co. (NASDAQ:APLD) has been assigned an average rating of “Buy” from the six research firms that are presently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have covered the stock in the last year is $10.50.

APLD has been the subject of several recent analyst reports. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday, October 10th. HC Wainwright upped their price target on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Lake Street Capital lifted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Craig Hallum upped their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Friday.

Applied Digital Stock Performance

APLD opened at $6.46 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The business has a fifty day simple moving average of $6.69 and a 200 day simple moving average of $5.29. Applied Digital has a 1 year low of $2.36 and a 1 year high of $9.48. The company has a market capitalization of $1.39 billion, a PE ratio of -5.52 and a beta of 4.66.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million during 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 firm’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.10) earnings per share. Research analysts expect that Applied Digital will post -0.4 EPS for the current year.

Insiders Place Their Bets

In other news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the transaction, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other 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 transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total value 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,000 shares of company stock valued at $724,700. 11.81% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

Several institutional investors have recently modified their holdings of APLD. Principal Financial Group Inc. acquired a new position in Applied Digital during the 1st quarter worth about $50,000. Headlands Technologies LLC lifted its stake 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 stake in Applied Digital in the second quarter valued at approximately $60,000. Beacon Harbor Wealth Advisors Inc. acquired a new stake in Applied Digital during the 3rd quarter valued at approximately $83,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Applied Digital during the 3rd quarter worth approximately $88,000. 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.