Brokerages Set Applied Digital Co. (NASDAQ:APLD) PT at $10.50

Shares of Applied Digital Co. (NASDAQ:APLD) have been given a consensus rating of “Buy” by the six analysts that are currently covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $10.50.

A number of research analysts have recently commented on APLD shares. Craig Hallum increased their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. B. Riley increased their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, September 13th. Lake Street Capital boosted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Friday, November 1st.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 50,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the transaction, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business’s 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 $1,670,133.06. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 369,369 shares of company stock worth $3,170,161. Company insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after buying an additional 2,547,485 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after acquiring an additional 1,002,862 shares during the period. Hood River Capital Management LLC boosted its stake in shares of Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares in the last quarter. Alight Capital Management LP acquired a new stake in shares of Applied Digital in the 2nd quarter valued at $3,570,000. Finally, Van ECK Associates Corp grew its holdings in shares of Applied Digital by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after purchasing an additional 443,699 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $10.10 on Friday. The company’s fifty day moving average is $7.97 and its two-hundred day moving average is $6.03. The company has a market cap of $2.18 billion, a P/E ratio of -8.63 and a beta of 4.65. Applied Digital has a 12-month low of $2.36 and a 12-month high of $10.94. 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 (NASDAQ:APLD) last posted its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. During the same period last year, the company posted ($0.10) earnings per share. The firm’s quarterly revenue was up 67.2% compared to the same quarter last year. Equities analysts expect that Applied Digital will post -0.4 earnings per share for the current fiscal year.

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.