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

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) have been given a consensus rating of "Buy" by the six analysts that are covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $10.50.

APLD has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $11.00 target price on shares of Applied Digital in a research report on Friday. Roth Mkm reaffirmed a "buy" rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. Lake Street Capital increased their price objective on Applied Digital from $7.00 to $11.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Craig Hallum lifted 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 Thursday, October 10th. Finally, B. Riley increased their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, September 13th.

Applied Digital Stock Down 7.6 %

Applied Digital stock traded down $0.49 during mid-day trading on Monday, hitting $5.97. The company had a trading volume of 12,759,515 shares, compared to its average volume of 7,215,419. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. Applied Digital has a 1 year low of $2.36 and a 1 year high of $9.48. The business has a fifty day moving average of $6.69 and a 200 day moving average of $5.29. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -5.10 and a beta of 4.66.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its 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 net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same period last year, the firm posted ($0.10) EPS. The company's revenue was up 67.2% on a year-over-year basis. On average, sell-side analysts expect that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company's stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the business's stock in a transaction that occurred 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 transaction, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now directly owns 218,506 shares of the company's stock, valued at approximately $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,000 shares of company stock valued at $724,700 over the last three months. 11.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Beacon Harbor Wealth Advisors Inc. purchased a new stake in Applied Digital during the third quarter worth about $83,000. Hunter Associates Investment Management LLC boosted its stake in shares of Applied Digital by 14.5% during the 3rd quarter. Hunter Associates Investment Management LLC now owns 425,143 shares of the company's stock worth $3,515,000 after acquiring an additional 53,809 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital during the 3rd quarter worth approximately $88,000. Private Advisor Group LLC grew its holdings in shares of Applied Digital by 159.7% in the 3rd quarter. Private Advisor Group LLC now owns 38,700 shares of the company's stock worth $319,000 after acquiring an additional 23,800 shares during the period. Finally, Jade Capital Advisors LLC purchased a new position in Applied Digital in the 3rd quarter valued at approximately $236,000. Institutional investors and hedge funds own 65.67% of the company's stock.

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.