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

Applied Digital Corporation (NASDAQ:APLD) has earned a consensus rating of “Moderate Buy” from the thirteen brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, eleven have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $26.20.

Several research analysts have commented on APLD shares. Compass Point initiated coverage on Applied Digital in a research note on Monday, September 15th. They set a “buy” rating for the company. HC Wainwright upped their price objective on shares of Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Lake Street Capital increased their price objective on shares of Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Craig Hallum boosted their target price on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $41.00 price target on shares of Applied Digital in a report on Wednesday, October 29th.

Insiders Place Their Bets

In other Applied Digital news, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of the stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $34.08, for a total value of $3,408,000.00. Following the completion of the transaction, the chief financial officer directly owned 158,912 shares in the company, valued at approximately $5,415,720.96. This trade represents a 38.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 34,375 shares of the business’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $33.23, for a total value of $1,142,281.25. Following the sale, the director owned 263,612 shares in the company, valued at approximately $8,759,826.76. This trade represents a 11.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 328,035 shares of company stock worth $11,376,479. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently added to or reduced their stakes in APLD. Cetera Investment Advisers raised its stake in shares of Applied Digital by 146.0% during the first quarter. Cetera Investment Advisers now owns 38,296 shares of the company’s stock valued at $215,000 after acquiring an additional 22,730 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Applied Digital by 18.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,071 shares of the company’s stock valued at $175,000 after purchasing an additional 4,916 shares during the period. LPL Financial LLC raised its position in Applied Digital by 65.7% during the 1st quarter. LPL Financial LLC now owns 299,779 shares of the company’s stock worth $1,685,000 after purchasing an additional 118,877 shares during the last quarter. PNC Financial Services Group Inc. bought a new position in Applied Digital during the 1st quarter worth $28,000. Finally, Blair William & Co. IL lifted its holdings in Applied Digital by 17.8% during the 1st quarter. Blair William & Co. IL now owns 96,910 shares of the company’s stock worth $545,000 after buying an additional 14,650 shares during the period. 65.67% of the stock is owned by institutional investors.

Applied Digital Stock Up 2.9%

NASDAQ APLD opened at $32.11 on Tuesday. The business has a fifty day moving average price of $29.42 and a two-hundred day moving average price of $19.03. The stock has a market capitalization of $8.94 billion, a PE ratio of -28.42 and a beta of 6.95. Applied Digital has a fifty-two week low of $3.31 and a fifty-two week high of $40.20. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.65 and a quick ratio of 0.65.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The company had revenue of $64.22 million during the quarter, compared to analysts’ expectations of $52.25 million. During the same quarter in the previous year, the firm earned ($0.15) EPS. Applied Digital’s revenue was up 84.3% on a year-over-year basis. Equities analysts expect that Applied Digital will post -0.96 earnings per share for the current fiscal year.

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.