Applied Digital Co. (NASDAQ:APLD) Receives $10.50 Average Target Price from Brokerages

Applied Digital Co. (NASDAQ:APLD) has been given an average recommendation of “Buy” by the six research firms that are presently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a buy rating. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $10.50.

A number of brokerages recently commented on APLD. Lake Street Capital upped their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. B. Riley upped their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Friday, November 1st. Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Finally, HC Wainwright raised their price target on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th.

Applied Digital Trading Up 4.6 %

Applied Digital stock opened at $10.10 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. Applied Digital has a 1 year low of $2.36 and a 1 year high of $10.94. The firm’s 50-day moving average is $7.97 and its 200-day moving average is $6.03. The company has a market cap of $2.18 billion, a P/E ratio of -8.63 and a beta of 4.65.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) earnings per share. On average, equities analysts expect that Applied Digital will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares in the company, valued at $3,196,265.82. This represents a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 369,369 shares of company stock valued at $3,170,161 over the last 90 days. 11.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Several large investors have recently made changes to their positions in the business. Tidal Investments LLC acquired a new stake in Applied Digital during the third quarter valued at approximately $95,000. Virtu Financial LLC bought a new position in shares of Applied Digital in the third quarter valued at $2,030,000. Geode Capital Management LLC lifted its position in shares of Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after acquiring an additional 1,002,862 shares during the last quarter. Barclays PLC boosted its stake in shares of Applied Digital by 736.8% during the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after acquiring an additional 428,428 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new position in shares of Applied Digital in the 3rd quarter worth $1,575,000. Institutional investors 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.