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

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

Several brokerages have weighed in on APLD. HC Wainwright lifted their target price on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. B. Riley lifted their price target on Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Roth Mkm reiterated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Lake Street Capital upped their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st.

Applied Digital Stock Down 0.8 %

Applied Digital stock opened at $9.66 on Friday. The firm has a market capitalization of $2.08 billion, a P/E ratio of -8.26 and a beta of 4.65. The company has a 50-day simple moving average of $7.89 and a 200-day simple moving average of $5.95. Applied Digital has a one year low of $2.36 and a one year high of $10.94. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 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 67.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.10) earnings per share. As a group, equities analysts expect that Applied Digital will post -0.4 earnings per share for the current year.

Insider Activity

In other news, Director Douglas S. Miller sold 10,000 shares of the firm’s 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 transaction, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. This trade represents a 4.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 19,369 shares of the 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 transaction, the director now directly owns 384,317 shares in the company, valued at $2,886,220.67. The trade was a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 119,369 shares of company stock worth $870,161 in the last three months. 11.81% of the stock is owned by insiders.

Institutional Trading of Applied Digital

A number of institutional investors and hedge funds have recently modified their holdings of the company. Headlands Technologies LLC lifted its position in Applied Digital by 381.8% during the 2nd quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Applied Digital in the third quarter worth about $59,000. ARS Investment Partners LLC acquired a new position in shares of Applied Digital during the 2nd quarter worth about $60,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital during the 3rd quarter valued at approximately $83,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Applied Digital in the 3rd quarter valued at approximately $88,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.