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

Applied Digital Co. (NASDAQ:APLD) has been given a consensus rating of “Buy” by the nine brokerages that are covering the company, Marketbeat.com reports. Nine analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $12.11.

Several brokerages have weighed in on APLD. HC Wainwright upped their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Cantor Fitzgerald dropped their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Compass Point assumed coverage on Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price on the stock. Northland Securities raised their target price on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, February 4th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th.

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.81% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

A number of hedge funds have recently modified their holdings of APLD. Wilmington Savings Fund Society FSB raised its holdings in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares during the period. R Squared Ltd acquired a new stake in Applied Digital during the 4th quarter worth $36,000. US Bancorp DE bought a new position in Applied Digital during the fourth quarter worth about $37,000. Jones Financial Companies Lllp bought a new stake in shares of Applied Digital in the fourth quarter worth about $39,000. Finally, Spire Wealth Management acquired a new stake in shares of Applied Digital during the fourth quarter worth about $43,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Trading Up 2.5 %

APLD stock opened at $6.24 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market cap of $1.39 billion, a P/E ratio of -3.61 and a beta of 4.69. Applied Digital has a 1-year low of $2.36 and a 1-year high of $12.48. The business’s 50 day moving average is $7.56 and its 200-day moving average is $8.00.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. During the same period last year, the business earned ($0.05) earnings per share. The business’s revenue was up 51.3% on a year-over-year basis. Equities analysts anticipate that Applied Digital will post -0.96 earnings per share for the current fiscal 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.