Brokerages Set Applied Digital Co. (NASDAQ:APLD) Price Target at $12.11

Shares of Applied Digital Co. (NASDAQ:APLD) have received a consensus recommendation of “Buy” from the nine brokerages that are covering the firm, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a buy rating. The average 1-year price target among analysts that have covered the stock in the last year is $12.11.

A number of equities research analysts recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Monday, February 24th. Cantor Fitzgerald reduced their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Compass Point assumed coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target on the stock. HC Wainwright boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Finally, Northland Securities raised their price objective on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Large investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB increased its position in Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after buying an additional 2,000 shares during the period. R Squared Ltd bought a new position in Applied Digital during the fourth quarter worth about $36,000. US Bancorp DE acquired a new stake in Applied Digital in the 4th quarter worth about $37,000. Jones Financial Companies Lllp bought a new stake in Applied Digital in the 4th quarter valued at about $39,000. Finally, Spire Wealth Management bought a new stake in Applied Digital in the 4th quarter valued at about $43,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Performance

Shares of APLD stock opened at $5.26 on Thursday. The company has a market capitalization of $1.17 billion, a P/E ratio of -3.04 and a beta of 5.18. Applied Digital has a 52 week low of $2.36 and a 52 week high of $12.48. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The company’s 50 day moving average price is $7.38 and its two-hundred day moving average price is $8.00.

Applied Digital (NASDAQ:APLD) last announced its 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. 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 analyst estimates of $62.41 million. During the same period in the prior year, the business earned ($0.05) EPS. The company’s revenue for the quarter was up 51.3% compared to the same quarter last year. On average, analysts expect that Applied Digital will post -0.96 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.