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

Shares of Applied Digital Co. (NASDAQ:APLD) have been given a consensus rating of “Buy” by the six brokerages that are presently covering the firm, Marketbeat reports. Six research analysts have rated the stock with a buy recommendation. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $10.50.

APLD has been the subject of a number of analyst reports. Craig Hallum raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Friday, November 1st. B. Riley raised their target price on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Lake Street Capital raised their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th.

Applied Digital Stock Performance

Shares of APLD opened at $9.57 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. Applied Digital has a one year low of $2.36 and a one year high of $10.94. The company has a 50-day simple moving average of $8.08 and a two-hundred day simple moving average of $6.11. The firm has a market capitalization of $2.02 billion, a PE ratio of -8.18 and a beta of 4.67.

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

Insiders Place Their Bets

In related news, 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 transaction of $1,840,000.00. Following the transaction, the chief executive officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 50,000 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 transaction of $460,000.00. Following the transaction, the director now owns 334,317 shares in the company, valued at approximately $3,075,716.40. This trade represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 369,369 shares of company stock valued at $3,170,161. Company insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in Applied Digital by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after purchasing an additional 3,040 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company’s stock worth $103,000 after purchasing an additional 3,182 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Applied Digital by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock worth $355,000 after purchasing an additional 5,423 shares in the last quarter. FMR LLC lifted its stake in Applied Digital by 99.1% in the 3rd quarter. FMR LLC now owns 13,071 shares of the company’s stock worth $108,000 after purchasing an additional 6,507 shares in the last quarter. Finally, ICA Group Wealth Management LLC lifted its stake in Applied Digital by 56.8% in the 2nd quarter. ICA Group Wealth Management LLC now owns 18,750 shares of the company’s stock worth $112,000 after purchasing an additional 6,795 shares in the last quarter. 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.