Applied Digital (NASDAQ:APLD) Earns Market Outperform Rating from Analysts at JMP Securities

JMP Securities assumed coverage on shares of Applied Digital (NASDAQ:APLD) in a research note issued to investors on Thursday morning,Benzinga reports. The firm issued a market outperform rating and a $12.00 price objective on the stock.

APLD has been the topic of several other research reports. Citizens Jmp assumed coverage on shares of Applied Digital in a research report on Thursday. They set an “outperform” rating and a $12.00 price target on the stock. Northland Securities lifted their price target 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. Compass Point assumed coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Wednesday, April 23rd. Finally, HC Wainwright reduced their price target on shares of Applied Digital from $12.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $10.91.

Applied Digital Trading Up 10.3%

Shares of Applied Digital stock opened at $7.48 on Thursday. The stock has a market cap of $1.68 billion, a P/E ratio of -4.32 and a beta of 5.98. The stock’s 50 day simple moving average is $5.56 and its 200-day simple moving average is $7.40. Applied Digital has a 1-year low of $3.01 and a 1-year high of $12.48. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The company had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. Analysts predict that Applied Digital will post -0.96 EPS for the current fiscal year.

Institutional Trading of Applied Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. raised its position in Applied Digital by 9.8% in the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock valued at $128,000 after purchasing an additional 1,500 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Applied Digital by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock worth $90,000 after acquiring an additional 1,692 shares in the last quarter. Corebridge Financial Inc. grew its stake in shares of Applied Digital by 2.0% in the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company’s stock worth $546,000 after acquiring an additional 1,899 shares in the last quarter. Wilmington Savings Fund Society FSB grew its stake in shares of Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Wedbush Securities Inc. grew its stake in shares of Applied Digital by 14.8% in the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company’s stock worth $87,000 after acquiring an additional 2,000 shares in the last quarter. Hedge funds and other 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.