Applied Digital Co. (NASDAQ:APLD) Receives Consensus Recommendation of “Buy” from Brokerages

Applied Digital Co. (NASDAQ:APLD) has been assigned a consensus recommendation of “Buy” from the nine analysts that are presently covering the stock, MarketBeat Ratings reports. Nine analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $12.11.

Several equities analysts recently issued reports on the stock. 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 reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Northland Securities lifted their price target on Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, February 4th. HC Wainwright increased their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Finally, Cantor Fitzgerald dropped their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th.

Insider Transactions at Applied Digital

In other news, 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 transaction of $177,000.00. Following the completion of the transaction, the director now directly owns 342,923 shares of the company’s stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 270,000 shares of company stock worth $2,477,000 over the last quarter. 11.81% of the stock is currently owned by insiders.

Institutional Trading of Applied Digital

A number of hedge funds have recently bought and sold shares of APLD. The Manufacturers Life Insurance Company boosted its position in Applied Digital by 25.0% in the second quarter. The Manufacturers Life Insurance Company now owns 37,641 shares of the company’s stock worth $224,000 after purchasing an additional 7,517 shares during the last quarter. SG Americas Securities LLC bought a new stake in Applied Digital during the third quarter valued at approximately $426,000. Jade Capital Advisors LLC purchased a new stake in Applied Digital during the third quarter valued at approximately $236,000. Private Advisor Group LLC raised its position in Applied Digital by 159.7% in the third quarter. Private Advisor Group LLC now owns 38,700 shares of the company’s stock worth $319,000 after acquiring an additional 23,800 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Applied Digital in the 3rd quarter worth $88,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Up 5.7 %

APLD opened at $9.63 on Wednesday. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of -5.57 and a beta of 4.77. Applied Digital has a one year low of $2.36 and a one year high of $11.25. The business has a 50 day simple moving average of $8.39 and a two-hundred day simple moving average of $7.35. 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 announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same quarter last year, the firm posted ($0.05) earnings per share. The firm’s revenue was up 51.3% on a year-over-year basis. Analysts predict that Applied Digital will post -0.96 EPS for the current year.

About Applied Digital

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.