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

Applied Digital Co. (NASDAQ:APLD) has been given an average recommendation of “Buy” by the six analysts that are currently covering the company, MarketBeat.com reports. Six analysts have rated the stock with a buy rating. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $9.67.

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

Applied Digital Price Performance

Shares of Applied Digital stock opened at $7.55 on Thursday. The firm has a market capitalization of $1.04 billion, a PE ratio of -9.56 and a beta of 4.56. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. Applied Digital has a 12 month low of $2.36 and a 12 month high of $8.78. The business’s 50-day moving average price is $5.61 and its 200-day moving average price is $4.82.

Applied Digital (NASDAQ:APLD) last issued its 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 company had revenue of $60.70 million during the quarter, compared to analysts’ expectations of $54.85 million. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.10) EPS. Sell-side analysts forecast that Applied Digital will post -1.12 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake 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. Van ECK Associates Corp increased its stake in Applied Digital by 92.1% during the first quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock worth $10,384,000 after acquiring an additional 1,163,247 shares during the last quarter. Hood River Capital Management LLC raised its position in Applied Digital by 8.7% during the second 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 during the period. Alight Capital Management LP bought a new stake in shares of Applied Digital in the 2nd quarter valued at approximately $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Applied Digital by 69.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock worth $5,614,000 after purchasing an additional 536,948 shares during the period. Hedge funds and other 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.