Applied Digital Co. (NASDAQ:APLD) Given Average Recommendation of "Buy" by Analysts

Applied Digital Co. (NASDAQ:APLD - Get Free Report) has been assigned an average recommendation of "Buy" from the six brokerages that are currently covering the stock, MarketBeat reports. Six research analysts have rated the stock with a buy rating. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $10.50.

A number of equities research analysts have recently commented on APLD shares. B. Riley lifted their target price on Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, September 13th. Lake Street Capital lifted their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Roth Mkm reissued a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report 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 Friday, November 1st. Finally, Craig Hallum upped their price objective on Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Thursday, October 10th.

Applied Digital Stock Up 4.6 %

NASDAQ:APLD traded up $0.44 on Friday, hitting $10.10. The stock had a trading volume of 11,660,358 shares, compared to its average volume of 7,954,375. Applied Digital has a 1 year low of $2.36 and a 1 year high of $10.94. The firm's fifty day simple moving average is $7.97 and its two-hundred day simple moving average is $5.99. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. The stock has a market cap of $2.18 billion, a P/E ratio of -8.63 and a beta of 4.65.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.13. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same period last year, the business posted ($0.10) earnings per share. Applied Digital's revenue was up 67.2% on a year-over-year basis. Analysts predict that Applied Digital will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 80,000 shares of the business's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares in the company, valued at approximately $3,196,265.82. The trade was a 15.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm's stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares of the company's stock, valued at approximately $1,201,783. This represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 369,369 shares of company stock valued at $3,170,161. Company insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company's stock valued at $26,434,000 after buying an additional 2,547,485 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Applied Digital by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,018 shares of the company's stock valued at $103,000 after acquiring an additional 3,182 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of Applied Digital by 14.1% during the 1st quarter. California State Teachers Retirement System now owns 91,086 shares of the company's stock valued at $390,000 after acquiring an additional 11,288 shares during the last quarter. Register Financial Advisors LLC grew its holdings in shares of Applied Digital by 29.2% during the second quarter. Register Financial Advisors LLC now owns 417,800 shares of the company's stock worth $2,486,000 after purchasing an additional 94,400 shares in the last quarter. Finally, ARS Investment Partners LLC bought a new position in shares of Applied Digital in the second quarter worth approximately $60,000. 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.