Applied Digital (NASDAQ:APLD) Posts Earnings Results, Beats Estimates By $0.08 EPS

Applied Digital (NASDAQ:APLD - Get Free Report) announced its earnings results on Tuesday. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08, Briefing.com reports. 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 88.87% and a negative net margin of 74.95%. The firm's revenue was up 51.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.05) earnings per share.

Applied Digital Stock Up 9.9 %

NASDAQ:APLD traded up $0.77 on Tuesday, hitting $8.54. The stock had a trading volume of 67,594,736 shares, compared to its average volume of 21,824,191. The company has a market cap of $1.80 billion, a PE ratio of -7.30 and a beta of 4.78. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.25. The business's fifty day moving average is $8.70 and its 200 day moving average is $6.92. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on APLD. Cantor Fitzgerald started coverage on shares of Applied Digital in a research report on Friday, December 20th. They set an "overweight" rating and a $15.00 price objective for the company. Roth Mkm reiterated a "buy" rating and set a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum boosted 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. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research note on Friday, November 1st. Finally, Lake Street Capital boosted their price target on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $11.14.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the business's stock in a transaction that occurred on 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 sale, the director now directly owns 384,317 shares of the company's stock, valued at approximately $2,886,220.67. The trade was a 4.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 directly owns 3,875,955 shares of the company's stock, valued at approximately $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 279,369 shares of company stock valued at $2,525,561 over the last ninety days. 11.81% of the stock is owned by company insiders.

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.

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