Applied Digital Corporation (NASDAQ:APLD) Receives $22.10 Average Price Target from Brokerages

Applied Digital Corporation (NASDAQ:APLD) has earned a consensus rating of “Moderate Buy” from the thirteen brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, eleven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $23.70.

A number of equities analysts have weighed in on the stock. Needham & Company LLC raised their target price on shares of Applied Digital from $12.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Wall Street Zen downgraded shares of Applied Digital from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Friday. HC Wainwright raised their target price on shares of Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Finally, Citigroup reiterated an “outperform” rating on shares of Applied Digital in a report on Thursday, October 9th.

Insider Activity

In other news, CEO Wes Cummins sold 400,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $6,104,000.00. Following the sale, the chief executive officer owned 2,659,379 shares in the company, valued at $40,582,123.54. This represents a 13.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $305,200.00. Following the sale, the director owned 297,987 shares in the company, valued at approximately $4,547,281.62. The trade was a 6.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 506,250 shares of company stock worth $7,713,675 over the last 90 days. 9.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently made changes to their positions in APLD. Atlantic Union Bankshares Corp purchased a new stake in shares of Applied Digital during the second quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Applied Digital in the second quarter worth approximately $26,000. PNC Financial Services Group Inc. purchased a new stake in Applied Digital in the first quarter worth approximately $28,000. Evolution Wealth Management Inc. boosted its holdings in Applied Digital by 101.8% in the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after purchasing an additional 3,542 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

APLD stock opened at $33.43 on Monday. Applied Digital has a 1 year low of $3.31 and a 1 year high of $40.20. The firm has a 50-day moving average of $22.91 and a 200 day moving average of $13.78. The company has a market cap of $9.35 billion, a P/E ratio of -29.58 and a beta of 6.77. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.65 and a quick ratio of 0.65.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The business had revenue of $38.01 million during the quarter, compared to the consensus estimate of $52.25 million. During the same quarter last year, the firm earned ($0.15) earnings per share. The business’s revenue for the quarter was up 84.3% on a year-over-year basis. On average, sell-side analysts forecast that Applied Digital will post -0.96 EPS for the current year.

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.