Applied Digital (NASDAQ:APLD) Upgraded by Lucid Cap Mkts to Strong-Buy Rating

Applied Digital (NASDAQ:APLD) was upgraded by stock analysts at Lucid Cap Mkts to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

APLD has been the subject of a number of other research reports. Citigroup restated an “outperform” rating on shares of Applied Digital in a research report on Thursday, May 21st. Lake Street Capital reiterated a “buy” rating and issued a $70.00 price target (up from $55.00) on shares of Applied Digital in a report on Thursday, May 21st. Zacks Research upgraded Applied Digital from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 7th. Compass Point reissued a “buy” rating and set a $70.00 price objective on shares of Applied Digital in a report on Friday, May 22nd. Finally, Needham & Company LLC raised their target price on shares of Applied Digital from $51.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $59.11.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $49.65 on Wednesday. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The firm has a 50 day simple moving average of $33.99 and a 200 day simple moving average of $31.31. Applied Digital has a fifty-two week low of $6.68 and a fifty-two week high of $50.73. The firm has a market cap of $14.19 billion, a P/E ratio of -67.09 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.23). The firm had revenue of $108.55 million for the quarter, compared to analyst estimates of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm’s quarterly revenue was up 139.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.08) EPS. Sell-side analysts predict that Applied Digital will post -0.61 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the transaction, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. This represents a 5.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director directly owned 184,859 shares in the company, valued at $6,466,367.82. This represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 35,000 shares of company stock valued at $1,182,175 in the last three months. 9.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vestor Capital LLC acquired a new stake in Applied Digital in the 1st quarter valued at approximately $98,000. Western Wealth Management LLC bought a new stake in Applied Digital in the 1st quarter valued at approximately $87,000. Janus Henderson Group PLC boosted its position in Applied Digital by 318.5% during the 1st quarter. Janus Henderson Group PLC now owns 785,152 shares of the company’s stock worth $18,638,000 after acquiring an additional 597,548 shares during the last quarter. Amundi grew its stake in shares of Applied Digital by 61.8% during the 1st quarter. Amundi now owns 31,327 shares of the company’s stock worth $744,000 after acquiring an additional 11,968 shares in the last quarter. Finally, Situational Awareness LP grew its stake in shares of Applied Digital by 18.9% during the 1st quarter. Situational Awareness LP now owns 13,478,438 shares of the company’s stock worth $319,978,000 after acquiring an additional 2,139,378 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.