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

Shares of Applied Digital Co. (NASDAQ:APLD) have earned a consensus recommendation of “Buy” from the nine brokerages that are currently covering the firm, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation. The average 12 month target price among analysts that have issued a report on the stock in the last year is $12.11.

Several equities analysts have commented on the stock. HC Wainwright increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Northland Securities increased their price objective 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. Cantor Fitzgerald lowered their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Monday, February 24th. Finally, Compass Point began coverage on shares of Applied Digital in a report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price for the company.

Applied Digital Stock Performance

APLD opened at $7.26 on Friday. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -4.20 and a beta of 4.69. The company has a fifty day moving average of $8.26 and a 200 day moving average of $7.75. Applied Digital has a fifty-two week low of $2.36 and a fifty-two week high of $12.48. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating 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 analyst estimates of $62.41 million. During the same quarter last year, the business earned ($0.05) earnings per share. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s 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 owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 11.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. purchased a new position in Applied Digital during the 4th quarter valued at about $510,000. Mackenzie Financial Corp purchased a new position in Applied Digital during the 4th quarter valued at about $92,000. GTS Securities LLC purchased a new position in Applied Digital during the 4th quarter valued at about $196,000. Two Seas Capital LP purchased a new position in Applied Digital during the 4th quarter valued at about $5,062,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Applied Digital by 271.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,260 shares of the company’s stock valued at $2,623,000 after purchasing an additional 250,944 shares during the period. Hedge funds and other institutional investors 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.