Analysts Set Applied Digital Co. (NASDAQ:APLD) Target Price at $11.14

Applied Digital Co. (NASDAQ:APLD) has earned a consensus rating of “Buy” from the seven brokerages that are presently covering the company, MarketBeat reports. Seven analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $11.14.

A number of research firms have recently issued reports on APLD. Craig Hallum 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 note on Thursday, October 10th. HC Wainwright lifted their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Friday, November 1st. Cantor Fitzgerald initiated coverage on Applied Digital in a research note on Friday, December 20th. They issued an “overweight” rating and a $15.00 target price on the stock. Finally, B. Riley increased their price target on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th.

Applied Digital Price Performance

Shares of APLD stock opened at $8.39 on Tuesday. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.25. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The stock has a fifty day simple moving average of $8.55 and a two-hundred day simple moving average of $6.68. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -7.17 and a beta of 4.67.

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

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 80,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. The trade was a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the transaction, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 359,369 shares of company stock valued at $3,115,161 in the last ninety days. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in shares of Applied Digital by 36.2% during the second quarter. Bank of New York Mellon Corp now owns 304,869 shares of the company’s stock worth $1,814,000 after purchasing an additional 80,958 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Applied Digital by 115.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 66,688 shares of the company’s stock valued at $397,000 after buying an additional 35,768 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Applied Digital by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock valued at $17,077,000 after buying an additional 443,699 shares during the period. Rhumbline Advisers grew its holdings in Applied Digital by 30.0% during the second quarter. Rhumbline Advisers now owns 140,087 shares of the company’s stock worth $834,000 after acquiring an additional 32,336 shares during the period. Finally, Crumly & Associates Inc. purchased a new position in Applied Digital during the second quarter valued at approximately $110,000. 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.