Applied Digital (NASDAQ:APLD) Announces Earnings Results, Beats Expectations By $0.13 EPS

Applied Digital (NASDAQ:APLD) released its quarterly earnings data on Wednesday. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13, Briefing.com reports. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. Applied Digital’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.10) earnings per share.

Applied Digital Stock Performance

Shares of NASDAQ APLD traded up $0.39 during midday trading on Friday, reaching $7.28. The company had a trading volume of 8,987,322 shares, compared to its average volume of 6,668,135. The business’s 50-day simple moving average is $5.48 and its 200 day simple moving average is $4.77. Applied Digital has a 1 year low of $2.36 and a 1 year high of $8.78. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The stock has a market cap of $1.56 billion, a P/E ratio of -6.20 and a beta of 4.56.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. B. Riley boosted their target price on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday. Craig Hallum upped their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday. HC Wainwright restated a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a report on Thursday, August 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research note on Thursday. Six 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 $9.67.

Insider Activity at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total value of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares of the company’s stock, valued at $1,201,783. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 20.50% of the stock is owned by insiders.

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.