Applied Digital Co. (NASDAQ:APLD) Given Consensus Recommendation of “Buy” by Brokerages

Applied Digital Co. (NASDAQ:APLD) has been assigned a consensus rating of “Buy” from the seven research firms that are covering the stock, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $11.29.

Several brokerages have commented on APLD. HC Wainwright upped their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Craig Hallum upped their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Wednesday, January 15th. Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, Lake Street Capital upped their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th.

Insider Activity

In related news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 289,369 shares of company stock worth $2,622,461. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of APLD. Nisa Investment Advisors LLC lifted its holdings in Applied Digital by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after buying an additional 1,692 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Applied Digital by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after buying an additional 3,040 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Applied Digital by 14.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock worth $355,000 after buying an additional 5,423 shares during the last quarter. FMR LLC lifted its holdings in Applied Digital by 99.1% during the 3rd quarter. FMR LLC now owns 13,071 shares of the company’s stock worth $108,000 after buying an additional 6,507 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Applied Digital during the 3rd quarter worth approximately $59,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Performance

NASDAQ APLD opened at $9.64 on Friday. The business’s 50-day moving average price is $8.88 and its 200 day moving average price is $7.02. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.25. The company has a market capitalization of $2.15 billion, a PE ratio of -5.57 and a beta of 4.78. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last released its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same period in the prior year, the business posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 51.3% compared to the same quarter last year. On average, research analysts predict that Applied Digital will post -0.8 earnings per share 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.