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

Shares of Applied Digital Co. (NASDAQ:APLD) have earned an average recommendation of “Buy” from the nine ratings firms that are covering the stock, MarketBeat reports. Nine investment analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $12.11.

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

Insider Buying and Selling at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction on 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 directly owns 342,923 shares in the company, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 270,000 shares of company stock valued at $2,477,000 in the last quarter. 11.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in APLD. The Manufacturers Life Insurance Company lifted its stake in shares of Applied Digital by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock worth $224,000 after purchasing an additional 7,517 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Applied Digital during the 3rd quarter worth $426,000. Jade Capital Advisors LLC purchased a new stake in shares of Applied Digital during the 3rd quarter worth $236,000. Private Advisor Group LLC lifted its stake in shares of Applied Digital by 159.7% during the 3rd quarter. Private Advisor Group LLC now owns 38,700 shares of the company’s stock worth $319,000 after purchasing an additional 23,800 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Applied Digital in the third quarter valued at about $88,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Stock Down 6.4 %

Shares of APLD opened at $7.59 on Wednesday. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -4.39 and a beta of 4.78. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25. The business’s 50 day simple moving average is $8.55 and its 200-day simple moving average is $7.22. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

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, topping the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) EPS. As a group, equities analysts expect that Applied Digital will post -0.96 earnings per share for the current fiscal year.

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.