Applied Digital Corporation (NASDAQ:APLD) Given Average Rating of “Buy” by Analysts

Applied Digital Corporation (NASDAQ:APLD) has received an average rating of “Buy” from the sixteen research firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $59.1111.

A number of equities research analysts recently commented on APLD shares. Zacks Research upgraded Applied Digital from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 7th. Needham & Company LLC upped their target price on Applied Digital from $51.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Lake Street Capital reiterated a “buy” rating and issued a $70.00 target price (up from $55.00) on shares of Applied Digital in a research report on Thursday, May 21st. Compass Point reiterated a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a research report on Friday, May 22nd. Finally, B. Riley Financial restated a “buy” rating and issued a $66.00 price objective (up from $53.00) on shares of Applied Digital in a research report on Wednesday, May 27th.

Insider Activity at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the sale, the director owned 184,859 shares in the company, valued at approximately $6,466,367.82. This represents a 5.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the sale, the director owned 208,378 shares in the company, valued at approximately $7,207,795.02. This represents a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 35,000 shares of company stock worth $1,182,175. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Noble Wealth Management PBC purchased a new stake in Applied Digital in the 4th quarter worth approximately $25,000. Albion Financial Group UT purchased a new stake in Applied Digital in the 4th quarter worth approximately $25,000. Activest Wealth Management purchased a new stake in Applied Digital in the 4th quarter worth approximately $25,000. Ameriflex Group Inc. purchased a new stake in Applied Digital in the 4th quarter worth approximately $25,000. Finally, McMillan Office Inc. purchased a new stake in Applied Digital in the 4th quarter worth approximately $25,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $47.94 on Tuesday. The business’s 50 day moving average price is $34.82 and its 200 day moving average price is $31.55. The firm has a market cap of $13.70 billion, a P/E ratio of -64.78 and a beta of 5.69. Applied Digital has a 52 week low of $8.03 and a 52 week high of $50.72. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 1.65.

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

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.