Applied Digital Corporation (NASDAQ:APLD) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Applied Digital Corporation (NASDAQ:APLD) have been assigned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $26.20.

Several research analysts have weighed in on APLD shares. Wall Street Zen cut shares of Applied Digital from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 target price on shares of Applied Digital in a research report on Wednesday, October 29th. Lake Street Capital increased their target price on Applied Digital from $18.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, October 10th. Northland Securities boosted their price target on Applied Digital to $40.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Finally, B. Riley reiterated a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd.

Insider Buying and Selling at Applied Digital

In other news, Director Ella G. Benson sold 42,569 shares of Applied Digital stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total value of $1,502,685.70. Following the completion of the sale, the director directly owned 69,256 shares in the company, valued at approximately $2,444,736.80. The trade was a 38.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $34.08, for a total value of $3,408,000.00. Following the completion of the sale, the chief financial officer owned 158,912 shares of the company’s stock, valued at approximately $5,415,720.96. This trade represents a 38.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 328,035 shares of company stock valued at $11,376,479 in the last quarter. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Hood River Capital Management LLC grew its holdings in shares of Applied Digital by 2.8% during the 2nd quarter. Hood River Capital Management LLC now owns 21,859,031 shares of the company’s stock worth $220,120,000 after purchasing an additional 592,314 shares in the last quarter. Vanguard Group Inc. raised its stake in Applied Digital by 23.2% in the third quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock valued at $406,547,000 after purchasing an additional 3,339,062 shares in the last quarter. Situational Awareness LP lifted its position in Applied Digital by 63.3% during the second quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock worth $66,379,000 after purchasing an additional 2,556,200 shares during the period. BNP Paribas Financial Markets grew its stake in Applied Digital by 24,356.8% during the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after buying an additional 5,198,223 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Applied Digital by 20.2% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,199,135 shares of the company’s stock worth $73,388,000 after buying an additional 537,839 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Trading Up 2.9%

Shares of Applied Digital stock opened at $32.11 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.65 and a quick ratio of 0.65. The business has a fifty day simple moving average of $29.42 and a two-hundred day simple moving average of $19.03. Applied Digital has a 1 year low of $3.31 and a 1 year high of $40.20. The company has a market capitalization of $8.94 billion, a price-to-earnings ratio of -28.42 and a beta of 6.95.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.08. The firm had revenue of $64.22 million for the quarter, compared to the consensus estimate of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The company’s quarterly revenue was up 84.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.15) earnings per share. Research analysts forecast that Applied Digital will post -0.96 EPS for the current year.

About Applied Digital

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.