B. Riley Comments on Applied Digital Co.’s Q3 2023 Earnings (OTCMKTS:APLD)

Applied Digital Co. (OTCMKTS:APLDGet Rating) – Equities researchers at B. Riley lowered their Q3 2023 earnings per share (EPS) estimates for shares of Applied Digital in a research report issued on Tuesday, January 10th. B. Riley analyst L. Pipes now expects that the company will post earnings of ($0.04) per share for the quarter, down from their prior forecast of ($0.03). The consensus estimate for Applied Digital’s current full-year earnings is ($0.06) per share. B. Riley also issued estimates for Applied Digital’s Q4 2023 earnings at $0.03 EPS.

APLD has been the subject of several other research reports. HC Wainwright assumed coverage on Applied Digital in a research report on Thursday, December 22nd. They issued a “buy” rating and a $4.00 price objective for the company. Lake Street Capital lowered their price objective on Applied Digital from $10.00 to $6.00 in a research report on Wednesday, October 12th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital currently has a consensus rating of “Buy” and an average price target of $6.57.

Applied Digital Trading Up 4.8 %

OTCMKTS:APLD opened at $2.20 on Thursday. The business has a 50 day moving average of $1.97 and a 200 day moving average of $1.90. Applied Digital has a 1-year low of $0.85 and a 1-year high of $27.12. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.87 and a current ratio of 0.87.

Applied Digital (OTCMKTS:APLDGet Rating) last released its earnings results on Tuesday, October 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $6.92 million during the quarter, compared to the consensus estimate of $6.69 million.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC grew its stake in Applied Digital by 89.4% in the third quarter. Virtu Financial LLC now owns 20,516 shares of the company’s stock worth $35,000 after purchasing an additional 9,682 shares during the period. UBS Group AG purchased a new stake in Applied Digital in the third quarter worth $36,000. Advisory Services Network LLC purchased a new stake in Applied Digital in the second quarter worth $26,000. Jane Street Group LLC purchased a new stake in Applied Digital in the third quarter worth $42,000. Finally, Renaissance Technologies LLC purchased a new stake in Applied Digital in the second quarter worth $30,000. 48.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Applied Digital news, CEO Wes Cummins bought 30,000 shares of Applied Digital stock in a transaction dated Monday, November 7th. The shares were purchased at an average cost of $2.52 per share, with a total value of $75,600.00. Following the completion of the purchase, the chief executive officer now owns 1,020,686 shares of the company’s stock, valued at $2,572,128.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Applied Digital news, CEO Wes Cummins bought 30,000 shares of Applied Digital stock in a transaction dated Monday, November 7th. The shares were purchased at an average cost of $2.52 per share, with a total value of $75,600.00. Following the completion of the purchase, the chief executive officer now owns 1,020,686 shares of the company’s stock, valued at $2,572,128.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO David Rench sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, November 28th. The shares were sold at an average price of $1.96, for a total value of $49,000.00. Following the transaction, the chief financial officer now directly owns 145,631 shares in the company, valued at $285,436.76. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 385,000 shares of company stock valued at $832,750. Company insiders own 28.90% of the company’s stock.

About Applied Digital

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Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the performance computing industry. The company was formerly known as Applied Blockchain, Inc and changed its name to Applied Digital Corporation in November 2022.

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Earnings History and Estimates for Applied Digital (OTCMKTS:APLD)

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