Applied Digital Co. (NASDAQ:APLD) Receives $12.11 Average PT from Analysts

Shares of Applied Digital Co. (NASDAQ:APLD) have been given a consensus rating of “Buy” by the nine research firms that are presently covering the company, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $12.11.

Several brokerages recently weighed in on APLD. HC Wainwright lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Cantor Fitzgerald dropped their target price on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Northland Securities upped their target price on shares of 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 initiated coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Monday, February 24th.

Applied Digital Trading Down 13.1 %

NASDAQ:APLD opened at $4.92 on Thursday. The firm has a market capitalization of $1.10 billion, a P/E ratio of -2.84 and a beta of 5.18. The company’s 50-day simple moving average is $7.40 and its 200 day simple moving average is $7.99. 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 has a one year low of $2.36 and a one year high of $12.48.

Applied Digital (NASDAQ:APLD) last posted 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 quarter in the previous year, the business earned ($0.05) EPS. Applied Digital’s revenue was up 51.3% compared to the same quarter last year. As a group, analysts forecast that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In related news, 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 transaction of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in APLD. Wilmington Savings Fund Society FSB grew its holdings in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new stake in Applied Digital during the fourth quarter valued at approximately $36,000. US Bancorp DE bought a new position in Applied Digital during the 4th quarter valued at about $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital during the fourth quarter worth approximately $39,000. Finally, Spire Wealth Management bought a new position in shares of Applied Digital in the fourth quarter valued at about $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.