Applied Digital (NASDAQ:APLD) Receives “Buy” Rating from Roth Mkm

Roth Mkm reiterated their buy rating on shares of Applied Digital (NASDAQ:APLD) in a report issued on Thursday, Benzinga reports. The brokerage currently has a $10.00 target price on the stock.

Other research analysts also recently issued research reports about the company. HC Wainwright reaffirmed a buy rating and set a $5.00 target price on shares of Applied Digital in a report on Thursday, August 29th. Needham & Company LLC reaffirmed a buy rating and set a $11.00 target price on shares of Applied Digital in a report on Thursday. Craig Hallum increased their target price on Applied Digital from $10.00 to $12.00 and gave the stock a buy rating in a report on Thursday. Finally, B. Riley increased their target price on Applied Digital from $8.00 to $9.00 and gave the stock a buy rating in a report on Friday, September 13th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital presently has an average rating of Buy and an average target price of $9.67.

Applied Digital Trading Down 6.9 %

Shares of APLD opened at $6.89 on Thursday. The company has a market capitalization of $1.48 billion, a P/E ratio of -5.89 and a beta of 4.56. Applied Digital has a one year low of $2.36 and a one year high of $8.78. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.08 and a current ratio of 0.08. The stock has a 50-day moving average price of $5.48 and a 200 day moving average price of $4.77.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. Applied Digital’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.10) earnings per share. Sell-side analysts forecast that Applied Digital will post -1.12 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now directly owns 218,506 shares in the company, valued at approximately $1,201,783. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 20.50% of the company’s stock.

Institutional Trading of Applied Digital

Institutional investors and hedge funds have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. raised its position in shares of Applied Digital by 66.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after purchasing an additional 308,223 shares during the period. Alight Capital Management LP acquired a new stake in Applied Digital in the 2nd quarter valued at approximately $3,570,000. Marshall Wace LLP acquired a new stake in Applied Digital in the 2nd quarter valued at approximately $720,000. Woodmont Investment Counsel LLC increased its position in Applied Digital by 4.2% in the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock valued at $1,071,000 after acquiring an additional 10,149 shares during the period. Finally, Vanguard Group Inc. increased its position in Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after acquiring an additional 2,547,485 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.

About Applied Digital

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.