Applied Digital Corporation (NASDAQ:APLD) Given Consensus Rating of “Buy” by Analysts

Applied Digital Corporation (NASDAQ:APLD) has been assigned an average rating of “Buy” from the sixteen analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, twelve have assigned a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $33.2727.

A number of equities research analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Northland Securities reissued an “outperform” rating and set a $40.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Tuesday, January 6th. Lake Street Capital reiterated a “buy” rating and set a $45.00 price objective on shares of Applied Digital in a research note on Tuesday, December 30th. Finally, Craig Hallum boosted their price objective on shares of Applied Digital to $39.00 and gave the company a “buy” rating in a report on Thursday, October 23rd.

Applied Digital Price Performance

NASDAQ APLD opened at $41.35 on Wednesday. The firm’s fifty day simple moving average is $29.40 and its two-hundred day simple moving average is $24.18. The firm has a market capitalization of $11.56 billion, a P/E ratio of -76.57 and a beta of 6.89. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79. Applied Digital has a 12-month low of $3.31 and a 12-month high of $42.10.

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

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the transaction, the director directly owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. This represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,000 shares of Applied Digital stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $35.45, for a total value of $425,400.00. Following the sale, the director directly owned 233,378 shares of the company’s stock, valued at $8,273,250.10. This trade represents a 4.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 237,981 shares of company stock valued at $8,596,966 over the last three months. Company insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Several institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC raised its holdings in shares of Applied Digital by 84.8% during the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock worth $106,000 after purchasing an additional 8,692 shares during the last quarter. NewEdge Advisors LLC grew its position in Applied Digital by 239.1% during the 1st quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock worth $187,000 after purchasing an additional 23,457 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after buying an additional 3,542 shares during the last quarter. Strs Ohio acquired a new position in shares of Applied Digital in the 1st quarter valued at about $71,000. Finally, PFG Investments LLC lifted its holdings in shares of Applied Digital by 184.2% in the 2nd quarter. PFG Investments LLC now owns 39,880 shares of the company’s stock valued at $402,000 after buying an additional 25,850 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.