Applied Digital (NASDAQ:APLD) Given Neutral Rating at Compass Point

Applied Digital (NASDAQ:APLD)‘s stock had its “neutral” rating restated by Compass Point in a note issued to investors on Monday, MarketBeat Ratings reports. They presently have a $13.00 price objective on the stock, up from their previous price objective of $10.00. Compass Point’s price target indicates a potential upside of 4.17% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Roth Capital restated a “buy” rating on shares of Applied Digital in a report on Monday, June 2nd. HC Wainwright upped their price target on Applied Digital from $7.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Citigroup restated an “outperform” rating on shares of Applied Digital in a research note on Tuesday, June 3rd. Cantor Fitzgerald lowered their price objective on Applied Digital from $14.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. Finally, Craig Hallum increased their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Applied Digital presently has an average rating of “Buy” and a consensus price target of $12.73.

Applied Digital Trading Down 4.1%

NASDAQ APLD opened at $12.48 on Monday. 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 has a one year low of $3.01 and a one year high of $15.42. The business has a 50 day simple moving average of $6.42 and a 200 day simple moving average of $7.58. The stock has a market capitalization of $2.81 billion, a P/E ratio of -7.21 and a beta of 6.08.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. During the same quarter last year, the business posted ($0.24) earnings per share. Research analysts expect that Applied Digital will post -0.96 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Rachel H. Lee sold 24,212 shares of the company’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the transaction, the director now directly owns 83,613 shares of the company’s stock, valued at approximately $585,291. This represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

A number of large investors have recently made changes to their positions in APLD. Situational Awareness LP acquired a new position in shares of Applied Digital during the first quarter worth $22,680,000. Vanguard Group Inc. grew its holdings in shares of Applied Digital by 39.1% during the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock valued at $97,487,000 after buying an additional 3,587,619 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Applied Digital by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after buying an additional 2,344,572 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Applied Digital by 14,635.7% during the fourth quarter. Tidal Investments LLC now owns 1,697,850 shares of the company’s stock valued at $12,972,000 after buying an additional 1,686,328 shares during the last quarter. Finally, American Century Companies Inc. purchased a new stake in shares of Applied Digital during the fourth quarter valued at $12,843,000. 65.67% of the stock is owned by institutional investors and hedge funds.

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.