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

Applied Digital Co. (NASDAQ:APLD) has been assigned an average recommendation of “Buy” from the six analysts that are covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $10.50.

APLD has been the subject of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Friday, November 1st. Roth Mkm restated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum upped their price objective 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 upped their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, HC Wainwright raised their price objective on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th.

Insiders Place Their Bets

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now directly owns 218,506 shares in the company, valued at $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the sale, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,000 shares of company stock worth $724,700. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Chesapeake Capital Corp IL purchased a new stake in shares of Applied Digital in the third quarter worth about $94,000. Royce & Associates LP increased its stake in Applied Digital by 1.4% in the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after acquiring an additional 15,763 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Applied Digital by 72.5% during the 3rd quarter. Victory Capital Management Inc. now owns 19,535 shares of the company’s stock worth $161,000 after acquiring an additional 8,212 shares in the last quarter. Beacon Harbor Wealth Advisors Inc. bought a new position in shares of Applied Digital during the 3rd quarter valued at approximately $83,000. Finally, Hunter Associates Investment Management LLC boosted its position in shares of Applied Digital by 14.5% during the 3rd quarter. Hunter Associates Investment Management LLC now owns 425,143 shares of the company’s stock valued at $3,515,000 after acquiring an additional 53,809 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Performance

Shares of APLD opened at $7.56 on Monday. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -6.46 and a beta of 4.65. The business’s fifty day simple moving average is $6.96 and its two-hundred day simple moving average is $5.40. Applied Digital has a 12 month low of $2.36 and a 12 month high of $9.48. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $54.85 million. During the same period last year, the firm posted ($0.10) earnings per share. Applied Digital’s revenue was up 67.2% compared to the same quarter last year. Research analysts anticipate that Applied Digital will post -0.4 earnings per share for the current fiscal year.

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.