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

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

APLD has been the subject of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a report on Wednesday, January 15th. HC Wainwright lifted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Northland Securities lifted their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. Cantor Fitzgerald reduced their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Finally, Compass Point initiated coverage on Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective for the company.

Insider Buying and Selling at Applied Digital

In other news, 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 transaction of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction dated Friday, January 17th. The shares were 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 approximately $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 270,000 shares of company stock worth $2,477,000 in the last three months. 11.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after purchasing an additional 3,587,619 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Applied Digital by 113.8% in the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after purchasing an additional 2,344,572 shares in the last quarter. American Century Companies Inc. purchased a new position in Applied Digital in the 4th quarter worth approximately $12,843,000. Geode Capital Management LLC lifted its holdings in Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after purchasing an additional 1,002,862 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Applied Digital by 100.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company’s stock worth $13,740,000 after purchasing an additional 899,138 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $7.59 on Wednesday. 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 capitalization of $1.69 billion, a P/E ratio of -4.39 and a beta of 4.78. The business has a fifty day simple moving average of $8.55 and a two-hundred day simple moving average of $7.22. Applied Digital has a 12 month low of $2.36 and a 12 month high of $11.25.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results 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 firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) EPS. On average, equities analysts forecast 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.