Brokerages Set Applied Digital Co. (NASDAQ:APLD) PT at $11.29

Applied Digital Co. (NASDAQ:APLD) has earned an average rating of “Buy” from the seven brokerages that are presently covering the company, MarketBeat.com reports. Seven analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $11.29.

APLD has been the subject of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Wednesday, January 15th. Craig Hallum lifted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. HC Wainwright lifted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald decreased their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th.

Insider Buying and Selling

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the transaction, the director now directly owns 342,923 shares in the company, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 289,369 shares of company stock worth $2,622,461 over the last 90 days. 11.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of APLD. KBC Group NV purchased a new stake in Applied Digital during the fourth quarter worth $55,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Applied Digital in the third quarter valued at $59,000. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Applied Digital in the third quarter valued at $83,000. Gunderson Capital Management Inc. purchased a new stake in shares of Applied Digital in the fourth quarter valued at $83,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital in the third quarter valued at $88,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Stock Up 2.4 %

Shares of APLD opened at $9.64 on Friday. Applied Digital has a 52-week low of $2.36 and a 52-week high of $11.25. The company has a market capitalization of $2.15 billion, a PE ratio of -5.57 and a beta of 4.78. The stock has a fifty day simple moving average of $8.88 and a two-hundred day simple moving average of $7.02. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period last year, the company earned ($0.05) EPS. As a group, equities analysts forecast that Applied Digital will post -0.8 EPS for the current year.

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.