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

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) have been assigned an average rating of "Buy" from the seven ratings firms that are covering the firm, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $11.29.

A number of research analysts have recently issued reports on APLD shares. Craig Hallum lifted their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Needham & Company LLC reissued a "buy" rating and set a $11.00 price target on shares of Applied Digital in a research report on Wednesday. Roth Mkm reissued a "buy" rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Cantor Fitzgerald dropped their price target on shares of Applied Digital from $15.00 to $14.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Lake Street Capital raised their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a research report on Thursday, October 10th.

Applied Digital Stock Down 0.9 %

Shares of NASDAQ APLD traded down $0.08 during mid-day trading on Friday, reaching $8.90. 23,061,663 shares of the company's stock traded hands, compared to its average volume of 13,653,270. The stock has a market cap of $1.88 billion, a P/E ratio of -7.61 and a beta of 4.78. The business has a 50-day simple moving average of $8.82 and a 200 day simple moving average of $6.99. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued 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 analysts' expectations of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business's revenue was up 51.3% on a year-over-year basis. During the same period last year, the company earned ($0.05) earnings per share. On average, analysts expect that Applied Digital will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Wes Cummins sold 200,000 shares of Applied Digital 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 owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the transaction, the director now owns 384,317 shares of the company's stock, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 269,369 shares of company stock valued at $2,445,461. Company insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

Several large investors have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in Applied Digital by 48.7% during the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company's stock valued at $25,258,000 after acquiring an additional 1,002,862 shares in the last quarter. Hood River Capital Management LLC grew its stake in Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company's stock valued at $57,098,000 after acquiring an additional 771,699 shares in the last quarter. Alight Capital Management LP purchased a new position in Applied Digital during the second quarter valued at approximately $3,570,000. Barclays PLC grew its stake in Applied Digital by 736.8% during the third quarter. Barclays PLC now owns 486,577 shares of the company's stock valued at $4,014,000 after acquiring an additional 428,428 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its stake in Applied Digital by 66.1% during the second quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company's stock valued at $4,609,000 after acquiring an additional 308,223 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

About Applied Digital

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.