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

Compass Point assumed coverage on shares of Applied Digital (NASDAQ:APLD) in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $10.00 target price on the stock.

A number of other equities research analysts also recently weighed in on APLD. Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Craig Hallum lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. HC Wainwright upped their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Lake Street Capital lifted their price target 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. Finally, Cantor Fitzgerald dropped their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $11.13.

Applied Digital Stock Up 10.3 %

APLD opened at $7.38 on Tuesday. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.25. The business has a 50 day moving average of $8.89 and a 200-day moving average of $7.09. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -4.27 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 (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. During the same period in the prior year, the firm earned ($0.05) EPS. The business’s revenue was up 51.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Applied Digital will post -0.8 earnings per share for the current year.

Insider Activity

In related news, Director Richard N. Nottenburg sold 19,369 shares of the firm’s 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 $2,886,220.67. This trade represents a 4.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction 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 transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 289,369 shares of company stock worth $2,622,461. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vontobel Holding Ltd. lifted its stake in Applied Digital by 9.8% in the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock valued at $128,000 after buying an additional 1,500 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after buying an additional 1,692 shares during the period. Wilmington Savings Fund Society FSB increased its position in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after acquiring an additional 2,000 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Applied Digital by 8.8% during the third quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after acquiring an additional 3,040 shares during the period. Finally, R Squared Ltd bought a new stake in Applied Digital in the 4th quarter valued at $36,000. Institutional investors own 65.67% of the company’s stock.

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.