Applied Digital (NASDAQ:APLD) Now Covered by UBS Group

Research analysts at UBS Group assumed coverage on shares of Applied Digital (NASDAQ:APLD) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $38.00 price target on the stock. UBS Group’s target price indicates a potential upside of 40.43% from the stock’s previous close.

APLD has been the subject of a number of other research reports. Wall Street Zen downgraded shares of Applied Digital from a “sell” rating to a “strong sell” rating in a report on Sunday, August 30th. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Wells Fargo & Company started coverage on Applied Digital in a research report on Thursday, September 17th. They set an “overweight” rating and a $50.00 price objective on the stock. Rothschild & Co Redburn set a $22.00 target price on Applied Digital and gave the company a “neutral” rating in a report on Monday. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $75.00 target price (up from $66.00) on shares of Applied Digital in a research note on Monday, August 3rd. Four investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.88.

Applied Digital Price Performance

NASDAQ APLD traded down $0.17 during mid-day trading on Wednesday, hitting $27.06. The stock had a trading volume of 13,150,063 shares, compared to its average volume of 22,739,008. The firm’s 50 day moving average is $27.60 and its 200 day moving average is $32.68. 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 stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of -30.40 and a beta of 5.72. Applied Digital has a twelve month low of $19.00 and a twelve month high of $50.72.

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

Insider Activity at Applied Digital

In other Applied Digital news, Director Richard Nottenburg sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the sale, the director owned 133,378 shares of the company’s stock, valued at $4,154,724.70. The trade was a 35.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. grew its holdings in Applied Digital by 4.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 13,333 shares of the company’s stock worth $497,000 after acquiring an additional 596 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Applied Digital in the 2nd quarter valued at $209,000. Engineers Gate Manager LP purchased a new stake in shares of Applied Digital during the 2nd quarter worth $4,350,000. Integrated Wealth Concepts LLC acquired a new position in shares of Applied Digital during the second quarter worth $265,000. Finally, NewEdge Advisors LLC grew its stake in shares of Applied Digital by 35.1% during the second quarter. NewEdge Advisors LLC now owns 81,134 shares of the company’s stock worth $3,026,000 after purchasing an additional 21,093 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 (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.

The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.