Applied Digital (NASDAQ:APLD) Coverage Initiated at Compass Point

Research analysts at Compass Point initiated coverage on shares of Applied Digital (NASDAQ:APLD) in a research report issued on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Compass Point’s price target suggests a potential upside of 49.48% from the company’s current price.

Several other research firms have also issued reports on APLD. Cantor Fitzgerald reduced their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Roth Mkm restated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Craig Hallum increased their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Wednesday, January 15th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $11.13.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $6.69 on Tuesday. The firm has a market cap of $1.49 billion, a P/E ratio of -3.87 and a beta of 4.78. The business’s 50 day moving average is $8.93 and its 200-day moving average is $7.09. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.25.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business 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 company earned ($0.05) EPS. The business’s revenue was up 51.3% on a year-over-year basis. Equities research analysts predict that Applied Digital will post -0.8 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital 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 completion of the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 289,369 shares of company stock worth $2,622,461. 11.81% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

Large investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB lifted its position in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares during the period. R Squared Ltd bought a new stake in Applied Digital in the fourth quarter valued at $36,000. Spire Wealth Management acquired a new position in shares of Applied Digital during the fourth quarter valued at about $43,000. KBC Group NV bought a new position in shares of Applied Digital during the 4th quarter worth about $55,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital in the 3rd quarter valued at about $59,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.