Applied Digital Corporation (NASDAQ:APLD) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Applied Digital Corporation (NASDAQ:APLD) have earned an average recommendation of “Buy” from the sixteen research firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, twelve have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $33.2727.

A number of equities research analysts have recently commented on APLD shares. Freedom Capital upgraded Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Craig Hallum increased their price target on Applied Digital to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. HC Wainwright boosted their price objective on Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Roth Mkm upped their target price on Applied Digital to $58.00 and gave the stock a “buy” rating in a research note on Thursday, January 8th. Finally, Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th.

Applied Digital Trading Up 14.3%

Applied Digital stock opened at $41.35 on Wednesday. The firm has a market cap of $11.56 billion, a PE ratio of -76.57 and a beta of 6.89. Applied Digital has a 12 month low of $3.31 and a 12 month high of $42.10. The stock’s 50 day simple moving average is $29.40 and its two-hundred day simple moving average is $24.18. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, January 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $126.59 million during the quarter, compared to analyst estimates of $82.22 million. Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. The business’s revenue for the quarter was up 250.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. Analysts anticipate that Applied Digital will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In related news, Director Chuck Hastings sold 25,000 shares of the firm’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $34.27, for a total value of $856,750.00. Following the transaction, the director directly owned 426,612 shares of the company’s stock, valued at approximately $14,619,993.24. This trade represents a 5.54% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $38.54, for a total value of $385,400.00. Following the completion of the sale, the director owned 200,859 shares in the company, valued at approximately $7,741,105.86. The trade was a 4.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 237,981 shares of company stock worth $8,596,966 in the last ninety days. 9.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Applied Digital in the second quarter worth approximately $25,000. Noble Wealth Management PBC purchased a new position in Applied Digital in the 4th quarter valued at $25,000. Albion Financial Group UT acquired a new stake in Applied Digital during the 4th quarter worth $25,000. Larson Financial Group LLC grew its holdings in shares of Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock worth $26,000 after buying an additional 1,129 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Applied Digital during the second quarter worth $26,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.