Applied Digital Corporation (NASDAQ:APLD) Receives $68.15 Average PT from Analysts

Shares of Applied Digital Corporation (NASDAQ:APLD) have been assigned a consensus rating of “Moderate Buy” from the seventeen research firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and three have given a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $68.15.

A number of analysts have recently weighed in on the company. Citizens Jmp upped their price objective on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 21st. Needham & Company LLC reiterated a “buy” rating and issued a $83.00 target price on shares of Applied Digital in a report on Tuesday, July 28th. Wall Street Zen cut Applied Digital from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Lake Street Capital boosted their target price on Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Finally, Craig Hallum upped their price target on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 75,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total value of $2,336,250.00. Following the completion of the transaction, the director owned 133,378 shares in the company, valued at $4,154,724.70. This trade represents a 35.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently bought and sold shares of APLD. Activest Wealth Management purchased a new stake in shares of Applied Digital in the 4th quarter worth about $25,000. Ameriflex Group Inc. purchased a new position in Applied Digital during the 4th quarter valued at about $25,000. McMillan Office Inc. purchased a new position in Applied Digital during the 4th quarter valued at about $25,000. Larson Financial Group LLC raised its position in 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 acquiring an additional 1,129 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Applied Digital during the second quarter worth about $26,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Stock Down 8.6%

Shares of Applied Digital stock opened at $28.51 on Friday. The company has a 50-day simple moving average of $33.56 and a two-hundred day simple moving average of $33.73. The stock has a market capitalization of $8.31 billion, a PE ratio of -32.03 and a beta of 5.75. Applied Digital has a 52-week low of $13.16 and a 52-week high of $50.72. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01.

Applied Digital (NASDAQ:APLD) last released its earnings results on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.30). Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The company had revenue of $240.35 million for the quarter, compared to analysts’ expectations of $96.85 million. During the same period in the prior year, the firm posted ($0.24) EPS. The firm’s revenue for the quarter was up 406.3% on a year-over-year basis. On average, analysts anticipate that Applied Digital will post -1.09 EPS for the current fiscal 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.