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

Applied Digital Co. (NASDAQ:APLD) has been given an average recommendation of “Buy” by the seven analysts that are presently covering the firm, MarketBeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokerages that have covered the stock in the last year is $11.29.

APLD has been the subject of a number of analyst reports. HC Wainwright upped their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday. Roth Mkm restated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Cantor Fitzgerald lowered their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday. Craig Hallum boosted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Lake Street Capital raised their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th.

Applied Digital Stock Down 0.9 %

Shares of NASDAQ APLD opened at $8.90 on Friday. The firm’s 50 day moving average price is $8.82 and its 200 day moving average price is $6.98. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The firm has a market cap of $1.98 billion, a P/E ratio of -7.61 and a beta of 4.78. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. Applied Digital’s revenue was up 51.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.05) earnings per share. As a group, sell-side analysts anticipate that Applied Digital will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 19,369 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the sale, the director now owns 384,317 shares of the company’s stock, valued at $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. In the last 90 days, insiders sold 269,369 shares of company stock worth $2,445,461. Insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Institutional investors and hedge funds have recently bought and sold shares of the business. Hood River Capital Management LLC grew 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 worth $57,098,000 after purchasing an additional 771,699 shares during the last quarter. Geode Capital Management LLC grew its position in Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after buying an additional 1,002,862 shares during the last quarter. State Street Corp grew its position in Applied Digital by 14.0% in the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after buying an additional 286,852 shares during the last quarter. Royce & Associates LP increased its holdings in shares of Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after buying an additional 15,763 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after acquiring an additional 240,554 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

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.