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

Applied Digital Corporation (NASDAQ:APLD) has received an average rating of “Moderate Buy” from the sixteen brokerages that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating, eleven have assigned a buy rating and three have assigned a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $70.5556.

Several analysts recently issued reports on the stock. Roth Mkm restated a “buy” rating and issued a $65.00 price objective on shares of Applied Digital in a report on Thursday, April 23rd. Lake Street Capital increased their price objective on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Craig Hallum lifted their target price on shares of Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a research report on Tuesday, June 9th. Finally, Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th.

Applied Digital Trading Down 4.2%

APLD opened at $39.22 on Friday. Applied Digital has a one year low of $9.02 and a one year high of $50.72. The stock has a market capitalization of $11.21 billion, a PE ratio of -53.00 and a beta of 5.69. The business’s 50 day moving average price is $41.44 and its 200 day moving average price is $33.92. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The business had revenue of $108.55 million during the quarter, compared to analyst estimates of $78.47 million. Applied Digital had a negative net margin of 52.84% and a negative return on equity of 15.91%. The company’s revenue was up 139.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.08) earnings per share. As a group, equities research analysts expect that Applied Digital will post -0.68 EPS for the current year.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the transaction, the director directly owned 184,859 shares of the company’s stock, valued at $6,466,367.82. The trade was a 5.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $34.59, for a total transaction of $432,375.00. Following the sale, the director owned 208,378 shares in the company, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 35,000 shares of company stock worth $1,182,175. 9.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Applied Digital by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after buying an additional 6,445,908 shares during the period. Value Aligned Research Advisors LLC purchased a new position in Applied Digital in the fourth quarter valued at $138,380,000. Situational Awareness LP grew its stake in Applied Digital by 87.0% during the 4th quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after purchasing an additional 5,274,905 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Applied Digital by 24,356.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after purchasing an additional 5,198,223 shares during the period. Finally, Marex Group plc increased its holdings in Applied Digital by 38,484.6% during the 4th quarter. Marex Group plc now owns 3,904,759 shares of the company’s stock worth $95,745,000 after purchasing an additional 3,894,639 shares during the period. 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.