Applied Digital (NASDAQ:APLD) Releases Quarterly Earnings Results

Applied Digital (NASDAQ:APLD) announced its quarterly earnings results on Monday. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.30), Zacks reports. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.

Applied Digital Stock Down 3.0%

Shares of APLD stock traded down $0.81 on Monday, hitting $26.38. 22,422,928 shares of the stock were exchanged, compared to its average volume of 24,385,459. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $7.54 billion, a P/E ratio of -35.65 and a beta of 5.67. Applied Digital has a fifty-two week low of $9.79 and a fifty-two week high of $50.72. The business has a 50-day moving average of $38.80 and a 200 day moving average of $34.57.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the sale, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. The trade was a 5.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in APLD. State of Wyoming increased its stake in Applied Digital by 37.4% in the 4th quarter. State of Wyoming now owns 3,326 shares of the company’s stock valued at $82,000 after buying an additional 905 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its position in Applied Digital by 40.0% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 3,500 shares of the company’s stock worth $80,000 after buying an additional 1,000 shares in the last quarter. Greenline Wealth Management LLC acquired a new position in shares of Applied Digital during the 4th quarter worth about $79,000. Federation des caisses Desjardins du Quebec boosted its stake in shares of Applied Digital by 28.4% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 3,069 shares of the company’s stock worth $75,000 after buying an additional 678 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of Applied Digital during the 1st quarter worth about $71,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on APLD. Citigroup reiterated a “market outperform” rating on shares of Applied Digital in a research report on Tuesday, June 9th. Zacks Research downgraded shares of Applied Digital from a “hold” rating to a “strong sell” rating in a report on Monday, June 8th. Compass Point reaffirmed a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a research note on Friday, May 22nd. Lake Street Capital upped their price target on shares of Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Finally, B. Riley Financial reiterated a “buy” rating and issued a $66.00 price target (up from $53.00) on shares of Applied Digital in a report on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $67.15.

About Applied Digital

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.