Applied Digital (NASDAQ:APLD) Issues Quarterly Earnings Results, Misses Estimates By $0.29 EPS

Applied Digital (NASDAQ:APLD) posted its quarterly earnings results on Wednesday. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.29), Zacks reports. The business had revenue of $43.70 million during the quarter, compared to analysts’ expectations of $42.70 million. Applied Digital had a negative return on equity of 75.46% and a negative net margin of 61.84%. During the same period in the prior year, the business posted ($0.07) earnings per share.

Applied Digital Stock Down 1.3 %

Shares of NASDAQ APLD opened at $3.77 on Friday. Applied Digital has a 12-month low of $2.36 and a 12-month high of $8.65. The stock has a market cap of $517.28 million, a P/E ratio of -4.84 and a beta of 4.56. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. The business’s fifty day simple moving average is $5.11 and its 200-day simple moving average is $4.36.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Thursday. B. Riley lifted their target price on shares of Applied Digital from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. HC Wainwright reissued a “buy” rating and issued a $5.00 price target on shares of Applied Digital in a research note on Thursday. Finally, Roth Mkm reduced their price target on shares of Applied Digital from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $8.20.

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.