Applied Digital (NASDAQ:APLD) Coverage Initiated at Compass Point

Compass Point initiated coverage on shares of Applied Digital (NASDAQ:APLD) in a report published on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating and a $10.00 target price on the stock.

A number of other research analysts have also weighed in 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 note on Wednesday, January 15th. Cantor Fitzgerald decreased their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Craig Hallum raised their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Finally, Lake Street Capital raised their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $11.13.

Applied Digital Trading Up 0.8 %

Shares of Applied Digital stock opened at $6.52 on Tuesday. The firm has a market capitalization of $1.45 billion, a PE ratio of -3.77 and a beta of 4.78. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.25. The firm’s 50-day moving average price is $8.93 and its 200 day moving average price is $7.09. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. Applied Digital’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same period last year, the company posted ($0.05) EPS. On average, sell-side analysts predict that Applied Digital will post -0.8 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the sale, the director now owns 384,317 shares in the company, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The shares were 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 of the company’s stock, valued at $35,658,786. This trade represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 289,369 shares of company stock worth $2,622,461 in the last 90 days. Insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

Several institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Applied Digital by 36.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after acquiring an additional 240,554 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Applied Digital in the third quarter worth $545,000. Exchange Traded Concepts LLC grew its stake in shares of Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock worth $7,656,000 after acquiring an additional 273,666 shares in the last quarter. Barclays PLC grew its stake in shares of Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after acquiring an additional 428,428 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Applied Digital by 414.5% in the fourth quarter. SG Americas Securities LLC now owns 265,792 shares of the company’s stock worth $2,031,000 after acquiring an additional 214,133 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.