Applied Digital (NASDAQ:APLD) Stock Rating Lowered by Zacks Research

Applied Digital (NASDAQ:APLD) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday,Zacks.com reports.

A number of other brokerages have also recently issued reports on APLD. Compass Point reaffirmed a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday, July 21st. Craig Hallum boosted their price target on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Finally, Northland Securities set a $82.00 price objective on shares of Applied Digital and gave the company an “outperform” rating in a report on Wednesday, June 17th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.15.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $27.44 on Wednesday. Applied Digital has a one year low of $13.16 and a one year high of $50.72. The company has a debt-to-equity ratio of 2.88, a current ratio of 4.01 and a quick ratio of 4.01. The company has a market cap of $8.00 billion, a price-to-earnings ratio of -30.83 and a beta of 5.75. The firm has a 50 day simple moving average of $31.29 and a 200 day simple moving average of $33.42.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The company had revenue of $240.35 million for the quarter, compared to the consensus estimate of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The business’s quarterly revenue was up 406.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.24) EPS. Research analysts predict that Applied Digital will post -1.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 75,000 shares of Applied Digital stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the transaction, the director directly owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. The trade was a 35.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Concurrent Investment Advisors LLC raised its position in shares of Applied Digital by 1.5% during the fourth quarter. Concurrent Investment Advisors LLC now owns 21,332 shares of the company’s stock worth $523,000 after acquiring an additional 318 shares during the last quarter. Independent Advisor Alliance boosted its holdings in Applied Digital by 4.6% in the fourth quarter. Independent Advisor Alliance now owns 9,215 shares of the company’s stock valued at $226,000 after acquiring an additional 407 shares during the last quarter. GAMMA Investing LLC increased its position in Applied Digital by 28.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,092 shares of the company’s stock valued at $78,000 after purchasing an additional 464 shares during the period. Krilogy Financial LLC increased its position in Applied Digital by 4.1% during the 2nd quarter. Krilogy Financial LLC now owns 14,243 shares of the company’s stock valued at $531,000 after purchasing an additional 561 shares during the period. Finally, Vermillion Wealth Management Inc. raised its holdings in Applied Digital by 29.4% during the 1st quarter. Vermillion Wealth Management Inc. now owns 2,563 shares of the company’s stock worth $61,000 after purchasing an additional 583 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.