Applied Digital Co. (NASDAQ:APLD) Receives Average Recommendation of "Buy" from Brokerages

Applied Digital Co. (NASDAQ:APLD - Get Free Report) has earned a consensus recommendation of "Buy" from the nine research firms that are currently covering the stock, MarketBeat reports. Nine research analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $12.11.

A number of analysts recently issued reports on APLD shares. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Applied Digital in a report on Monday, February 24th. Northland Securities raised their price target on shares of Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 4th. Compass Point assumed coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective on the stock. Cantor Fitzgerald decreased their target price on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday, January 15th. Finally, HC Wainwright upped their price target on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Wednesday, January 15th.

Applied Digital Stock Performance

Shares of APLD stock traded up $0.30 during trading on Friday, hitting $6.68. The company's stock had a trading volume of 16,714,278 shares, compared to its average volume of 27,883,918. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a market cap of $1.49 billion, a PE ratio of -3.86 and a beta of 4.69. The business has a fifty day moving average of $8.20 and a 200-day moving average of $7.81. Applied Digital has a 52 week low of $2.36 and a 52 week high of $12.48.

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Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) EPS. As a group, research analysts anticipate that Applied Digital will post -0.96 earnings per share for the current year.

Insider Activity

In other news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now owns 342,923 shares of the company's stock, valued at $3,034,868.55. This represents a 5.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 11.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in APLD. Polar Asset Management Partners Inc. purchased a new position in shares of Applied Digital in the fourth quarter worth about $510,000. Mackenzie Financial Corp bought a new position in Applied Digital during the 4th quarter worth approximately $92,000. GTS Securities LLC purchased a new position in Applied Digital in the 4th quarter worth approximately $196,000. Two Seas Capital LP bought a new stake in Applied Digital in the fourth quarter valued at approximately $5,062,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Applied Digital by 271.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company's stock valued at $2,623,000 after purchasing an additional 250,944 shares during the period. 65.67% of the stock is currently owned by institutional investors.

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.