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

Applied Digital Co. (NASDAQ:APLD - Get Free Report) has been given an average recommendation of "Buy" by the seven research firms that are currently covering the firm, MarketBeat reports. Seven analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have covered the stock in the last year is $11.29.

A number of equities research analysts have recently commented on APLD shares. HC Wainwright upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Craig Hallum increased their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Lake Street Capital boosted their target price on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Cantor Fitzgerald decreased their price target on Applied Digital from $15.00 to $14.00 and set an "overweight" rating for the company in a report on Wednesday, January 15th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Wednesday, January 15th.

Insider Activity

In related news, Director Richard N. Nottenburg sold 19,369 shares of the business's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the transaction, the director now 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 can be accessed through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the business's stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares of the company's stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 269,369 shares of company stock worth $2,445,461 over the last 90 days. 11.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently added to or reduced their stakes in APLD. Commonwealth Equity Services LLC increased its holdings in shares of Applied Digital by 115.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 66,688 shares of the company's stock worth $397,000 after buying an additional 35,768 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Applied Digital by 30.0% in the 2nd quarter. Rhumbline Advisers now owns 140,087 shares of the company's stock worth $834,000 after purchasing an additional 32,336 shares during the period. Hood River Capital Management LLC raised its holdings in shares of Applied Digital by 8.7% in the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company's stock worth $57,098,000 after purchasing an additional 771,699 shares during the period. Marshall Wace LLP purchased a new stake in shares of Applied Digital during the 2nd quarter worth about $720,000. Finally, Alight Capital Management LP acquired a new stake in Applied Digital during the 2nd quarter worth approximately $3,570,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Stock Up 6.0 %

Shares of NASDAQ APLD traded up $0.53 during mid-day trading on Friday, reaching $9.43. The company had a trading volume of 16,437,673 shares, compared to its average volume of 23,742,090. Applied Digital has a 52-week low of $2.36 and a 52-week high of $11.25. The stock has a market cap of $2.10 billion, a P/E ratio of -5.45 and a beta of 4.78. 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 firm has a 50 day simple moving average of $8.84 and a two-hundred day simple moving average of $7.00.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm's revenue was up 51.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) earnings per share. Sell-side analysts predict that Applied Digital will post -0.8 earnings per share for the current year.

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.