Applied Digital (NASDAQ:APLD) Upgraded at Texas Capital

Texas Capital upgraded shares of Applied Digital (NASDAQ:APLD) to a strong-buy rating in a report issued on Tuesday morning,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Craig Hallum lifted their price target on Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Tuesday, December 30th. Lake Street Capital reiterated a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. HC Wainwright raised their price target on shares of Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Applied Digital in a report on Thursday, January 8th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $33.27.

Applied Digital Stock Down 0.9%

APLD stock opened at $34.74 on Tuesday. The firm has a 50 day moving average of $28.48 and a 200 day moving average of $23.37. The stock has a market capitalization of $9.71 billion, a PE ratio of -64.33 and a beta of 6.89. The company has a quick ratio of 4.82, a current ratio of 4.82 and a debt-to-equity ratio of 1.79. Applied Digital has a 52 week low of $3.31 and a 52 week high of $40.20.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, January 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. The company had revenue of $126.59 million for the quarter, compared to analyst estimates of $82.22 million. During the same quarter in the previous year, the company posted ($0.06) EPS. The company’s revenue for the quarter was up 250.1% compared to the same quarter last year. Sell-side analysts forecast that Applied Digital will post -0.96 earnings per share for the current year.

Insider Transactions at Applied Digital

In related news, CFO Mohammad Saidal Lavanw Mohmand sold 37,503 shares of the firm’s stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $36.47, for a total transaction of $1,367,734.41. Following the sale, the chief financial officer owned 121,409 shares in the company, valued at approximately $4,427,786.23. This trade represents a 23.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Chuck Hastings sold 50,000 shares of the company’s stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $35.69, for a total transaction of $1,784,500.00. Following the completion of the transaction, the director owned 451,612 shares of the company’s stock, valued at approximately $16,118,032.28. This trade represents a 9.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 368,053 shares of company stock worth $13,251,886. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds have recently bought and sold shares of APLD. Noble Wealth Management PBC purchased a new stake in shares of Applied Digital in the fourth quarter valued at approximately $25,000. Albion Financial Group UT purchased a new position in shares of Applied Digital during the 4th quarter valued at approximately $25,000. Larson Financial Group LLC grew its stake in Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after acquiring an additional 1,129 shares during the period. Dagco Inc. purchased a new stake in Applied Digital in the 3rd quarter worth $27,000. Finally, GAMMA Investing LLC raised its position in Applied Digital by 87.5% during the fourth quarter. GAMMA Investing LLC now owns 1,376 shares of the company’s stock worth $34,000 after acquiring an additional 642 shares during the period. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.