Applied Digital (NASDAQ:APLD) Coverage Initiated at Compass Point

Stock analysts at Compass Point started coverage on shares of Applied Digital (NASDAQ:APLD) in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Compass Point’s price objective points to a potential upside of 49.48% from the company’s previous close.

APLD has been the topic of a number of other reports. Roth Mkm restated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright increased their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Lake Street Capital increased 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. Finally, Cantor Fitzgerald reduced their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital presently has a consensus rating of “Buy” and a consensus target price of $11.13.

Applied Digital Trading Up 2.6 %

NASDAQ APLD opened at $6.69 on Tuesday. The business has a fifty day simple moving average of $8.93 and a 200 day simple moving average of $7.09. The firm has a market capitalization of $1.49 billion, a P/E ratio of -3.87 and a beta of 4.78. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital has a 12 month low of $2.36 and a 12 month high of $11.25.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. On average, analysts predict that Applied Digital will post -0.8 EPS for the current fiscal year.

Insider Activity

In related news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now directly owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 289,369 shares of company stock valued at $2,622,461 in the last quarter. 11.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several large investors have recently made changes to their positions in APLD. Van ECK Associates Corp raised its stake in Applied Digital by 113.8% during the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after purchasing an additional 2,344,572 shares during the period. Geode Capital Management LLC grew its holdings in Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after buying an additional 1,002,862 shares in the last quarter. Barclays PLC raised its position in shares of Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after buying an additional 428,428 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Applied Digital by 66.1% in the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after buying an additional 308,223 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after acquiring an additional 286,852 shares during the last quarter. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

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.