Applied Digital Co. (NASDAQ:APLD) Receives $12.11 Consensus PT from Analysts

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) have been given a consensus recommendation of "Buy" by the nine brokerages that are currently covering the stock, Marketbeat reports. Nine investment analysts have rated the stock with a buy rating. The average 1-year target price among brokers that have issued a report on the stock in the last year is $12.11.

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

Insider Transactions at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of the company's stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the 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 sale, the chief executive officer now 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 position. The disclosure for this sale can be found here. Insiders sold 270,000 shares of company stock valued at $2,477,000 over the last 90 days. Corporate insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently bought and sold shares of APLD. The Manufacturers Life Insurance Company raised its stake in shares of Applied Digital by 25.0% during the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company's stock valued at $224,000 after purchasing an additional 7,517 shares during the period. SG Americas Securities LLC purchased a new stake in Applied Digital during the 3rd quarter worth $426,000. Jade Capital Advisors LLC acquired a new position in Applied Digital in the 3rd quarter worth $236,000. Private Advisor Group LLC boosted its position in Applied Digital by 159.7% in the 3rd quarter. Private Advisor Group LLC now owns 38,700 shares of the company's stock valued at $319,000 after buying an additional 23,800 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Applied Digital during the third quarter valued at about $88,000. Hedge funds and other institutional investors own 65.67% of the company's stock.

Applied Digital Price Performance

APLD stock traded up $0.77 during trading on Wednesday, hitting $9.88. The stock had a trading volume of 13,223,032 shares, compared to its average volume of 23,718,494. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -5.71 and a beta of 4.77. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. The company's 50 day moving average price is $8.40 and its two-hundred day moving average price is $7.32. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.25.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the previous year, the business posted ($0.05) earnings per share. The company's revenue was up 51.3% on a year-over-year basis. On average, sell-side analysts forecast that Applied Digital will post -0.96 EPS for the current fiscal year.

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.