Applied Digital (NASDAQ:APLD) Announces Quarterly Earnings Results

Applied Digital (NASDAQ:APLD - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported ($0.15) earnings per share for the quarter, topping analysts' consensus estimates of ($0.28) by $0.13, Briefing.com reports. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period in the prior year, the company posted ($0.10) EPS. The firm's revenue for the quarter was up 67.2% on a year-over-year basis.

Applied Digital Stock Up 5.7 %

APLD stock traded up $0.39 during trading on Friday, hitting $7.28. 9,052,355 shares of the company's stock traded hands, compared to its average volume of 6,668,450. The firm has a market capitalization of $1.56 billion, a P/E ratio of -6.20 and a beta of 4.56. The business has a fifty day simple moving average of $5.48 and a two-hundred day simple moving average of $4.77. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. Applied Digital has a 1 year low of $2.36 and a 1 year high of $8.78.

Analysts Set New Price Targets

A number of research firms recently weighed in on APLD. HC Wainwright reissued a "buy" rating and issued a $5.00 price objective on shares of Applied Digital in a research report on Thursday, August 29th. Needham & Company LLC reissued a "buy" rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Thursday. Craig Hallum 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 Thursday. B. Riley raised their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Friday, September 13th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $9.67.

Insider Activity at Applied Digital

In related news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred 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 transaction, the director now directly owns 218,506 shares of the company's stock, valued at $1,201,783. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 20.50% of the stock is currently owned by corporate insiders.

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.