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

Shares of Applied Digital Co. (NASDAQ:APLD) have been assigned an average recommendation of “Buy” from the thirteen ratings firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $12.73.

A number of brokerages have commented on APLD. B. Riley raised their price target on shares of Applied Digital from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. JMP Securities lifted their target price on shares of Applied Digital from $12.00 to $18.00 and gave the company a “market outperform” rating in a research note on Tuesday, June 3rd. Citizens Jmp upgraded shares of Applied Digital to a “strong-buy” rating and set a $12.00 target price for the company in a research note on Thursday, May 22nd. HC Wainwright lifted their target price on shares of Applied Digital from $7.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Finally, Roth Capital reiterated a “buy” rating on shares of Applied Digital in a research note on Monday, June 2nd.

Applied Digital Stock Up 3.3%

Shares of APLD opened at $11.55 on Tuesday. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of -6.68 and a beta of 6.08. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital has a 12 month low of $3.01 and a 12 month high of $15.42. The company has a 50-day moving average price of $6.96 and a two-hundred day moving average price of $7.62.

Applied Digital (NASDAQ:APLD) last announced 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). The business had revenue of $52.92 million for the quarter, compared to the consensus estimate of $62.91 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. During the same quarter in the prior year, the business earned ($0.24) EPS. Equities analysts predict that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Activity at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the sale, the director now owns 83,613 shares of the company’s stock, valued at approximately $585,291. The trade was a 22.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.81% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

Institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN grew its holdings in Applied Digital by 96.6% during the 4th quarter. Wells Fargo & Company MN now owns 119,963 shares of the company’s stock worth $917,000 after acquiring an additional 58,943 shares during the period. Exchange Traded Concepts LLC increased its position in shares of Applied Digital by 4.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company’s stock valued at $5,856,000 after buying an additional 39,945 shares in the last quarter. Vanguard Group Inc. raised its stake in Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after buying an additional 3,587,619 shares during the period. Rhumbline Advisers raised its stake in Applied Digital by 68.7% during the 4th quarter. Rhumbline Advisers now owns 258,892 shares of the company’s stock worth $1,978,000 after buying an additional 105,428 shares during the period. Finally, Numerai GP LLC acquired a new stake in Applied Digital during the 4th quarter worth $790,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.