Applied Digital Co. (NASDAQ:APLD) Given Consensus Rating of “Buy” by Analysts

Applied Digital Co. (NASDAQ:APLD) has been assigned an average recommendation of “Buy” from the six research firms that are presently covering the firm, MarketBeat reports. Six research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have covered the stock in the last year is $10.50.

A number of analysts have commented on the company. B. Riley upped their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Roth Mkm restated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright lifted their target price on Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Craig Hallum increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th.

Insiders Place Their Bets

In other news, Director Richard N. Nottenburg sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the transaction, the director now directly owns 433,686 shares in the company, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the completion of the sale, the director now owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’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 in the company, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

Hedge funds have recently made changes to their positions in the stock. Hood River Capital Management LLC increased its position in shares of Applied Digital by 8.7% during the 2nd quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after purchasing an additional 771,699 shares during the last quarter. Vanguard Group Inc. grew its position in Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after acquiring an additional 2,547,485 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Applied Digital by 18.3% during the second quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after acquiring an additional 443,699 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Applied Digital by 69.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock worth $5,614,000 after acquiring an additional 536,948 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of Applied Digital by 66.1% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock valued at $4,609,000 after purchasing an additional 308,223 shares in the last quarter. 65.67% of the stock is owned by institutional investors.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $8.05 on Thursday. The company’s fifty day moving average is $5.76 and its 200 day moving average is $4.86. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -10.19 and a beta of 4.56. Applied Digital has a twelve month low of $2.36 and a twelve month high of $8.78.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The business had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period in the prior year, the firm earned ($0.10) earnings per share. Applied Digital’s revenue was up 67.2% on a year-over-year basis. Sell-side analysts forecast that Applied Digital will post -1.12 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.