Applied Digital (NASDAQ:APLD) Stock Rating Lowered by Wall Street Zen

Applied Digital (NASDAQ:APLD) was downgraded by stock analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued on Sunday, Wall Street Zen reports.

Several other brokerages have also weighed in on APLD. B. Riley Financial restated a “buy” rating and issued a $75.00 price target (up from $66.00) on shares of Applied Digital in a research note on Monday, August 3rd. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Northland Securities set a $82.00 price objective on shares of Applied Digital and gave the company an “outperform” rating in a report on Wednesday, June 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday, July 21st. Finally, Zacks Research cut Applied Digital from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $68.15.

Applied Digital Stock Up 0.3%

NASDAQ:APLD opened at $25.41 on Friday. Applied Digital has a twelve month low of $13.16 and a twelve month high of $50.72. The stock has a fifty day simple moving average of $30.47 and a 200-day simple moving average of $33.24. The company has a market cap of $7.41 billion, a price-to-earnings ratio of -28.55 and a beta of 5.75. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The business had revenue of $240.35 million during the quarter, compared to analysts’ expectations of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The firm’s revenue was up 406.3% compared to the same quarter last year. During the same period last year, the company earned ($0.24) earnings per share. Analysts anticipate that Applied Digital will post -1.09 EPS for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 75,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the completion of the sale, the director directly owned 133,378 shares of the company’s stock, valued at $4,154,724.70. This represents a 35.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Large investors have recently modified their holdings of the company. California State Teachers Retirement System raised its position in Applied Digital by 3,718.0% in the 2nd quarter. California State Teachers Retirement System now owns 11,121,928 shares of the company’s stock valued at $414,848,000 after purchasing an additional 10,830,623 shares during the last quarter. Equitec Proprietary Markets LLC acquired a new position in Applied Digital in the second quarter valued at $312,349,000. Vanguard Group Inc. increased its stake in Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after purchasing an additional 6,445,908 shares during the period. Value Aligned Research Advisors LLC purchased a new stake in shares of Applied Digital in the fourth quarter valued at about $138,380,000. Finally, Situational Awareness LP lifted its holdings in shares of Applied Digital by 87.0% during the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after purchasing an additional 5,274,905 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

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.