Applied Digital Corporation (NASDAQ:APLD) Given Average Rating of “Buy” by Brokerages

Applied Digital Corporation (NASDAQ:APLD) has earned an average recommendation of “Buy” from the thirteen research firms that are currently covering the stock, MarketBeat reports. Twelve investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $14.1818.

Several analysts have recently issued reports on the company. Citizens Jmp raised Applied Digital to a “strong-buy” rating and set a $12.00 target price on the stock in a report on Thursday, May 22nd. JMP Securities increased their target price on Applied Digital from $12.00 to $18.00 and gave the stock a “market outperform” rating in a report on Tuesday, June 3rd. Needham & Company LLC raised their price objective on Applied Digital from $12.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Cantor Fitzgerald decreased their target price on Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. Finally, Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd.

Applied Digital Stock Performance

APLD opened at $14.89 on Wednesday. The firm has a market cap of $3.89 billion, a P/E ratio of -13.66 and a beta of 6.17. Applied Digital has a 52-week low of $3.01 and a 52-week high of $15.42. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.77 and a current ratio of 0.77. The business’s fifty day moving average is $10.77 and its 200-day moving average is $8.08.

Applied Digital (NASDAQ:APLD) last released its earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The company had revenue of $38.01 million for the quarter, compared to analyst estimates of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%. Applied Digital’s quarterly revenue was up 41.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.14) EPS. Sell-side analysts expect that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the transaction, the director directly owned 83,613 shares in the company, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several large investors have recently bought and sold shares of APLD. PNC Financial Services Group Inc. bought a new position in Applied Digital in the first quarter valued at about $28,000. Geneos Wealth Management Inc. raised its position in Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after purchasing an additional 3,542 shares during the last quarter. Ameriflex Group Inc. bought a new position in Applied Digital in the second quarter valued at about $42,000. CWM LLC raised its position in Applied Digital by 116.5% in the first quarter. CWM LLC now owns 9,506 shares of the company’s stock valued at $53,000 after purchasing an additional 5,116 shares during the last quarter. Finally, Semus Wealth Partners LLC bought a new position in Applied Digital in the first quarter valued at about $56,000. 65.67% of the stock is currently owned by institutional investors.

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.