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

Shares of Applied Digital Co. (NASDAQ:APLD) have received an average rating of “Buy” from the nine ratings firms that are presently covering the company, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $12.11.

A number of research firms recently commented on APLD. Cantor Fitzgerald lowered their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Compass Point assumed coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. HC Wainwright boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Wednesday, January 15th. Finally, Northland Securities boosted their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 4th.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the transaction, the director now owns 334,317 shares in the company, valued at $3,075,716.40. The trade was a 13.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 270,000 shares of company stock worth $2,477,000 over the last three months. 11.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Vontobel Holding Ltd. grew its stake in Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock worth $128,000 after acquiring an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after purchasing an additional 1,692 shares during the period. Wilmington Savings Fund Society FSB grew its stake in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares in the last quarter. Wellington Management Group LLP increased 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 purchasing an additional 3,040 shares during the period. Finally, Amalgamated Bank raised its position in Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock valued at $50,000 after purchasing an additional 3,473 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Stock Performance

Shares of NASDAQ APLD opened at $9.63 on Wednesday. The stock has a market cap of $2.15 billion, a PE ratio of -5.57 and a beta of 4.77. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25. The firm has a fifty day moving average price of $8.39 and a 200-day moving average price of $7.35. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business’s quarterly revenue was up 51.3% on a year-over-year basis. During the same period last year, the firm earned ($0.05) earnings per share. Equities analysts anticipate that Applied Digital will post -0.96 earnings per share for the current fiscal 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.