Applied Digital (NASDAQ:APLD) Announces Earnings Results

Applied Digital (NASDAQ:APLD) issued its quarterly earnings results on Wednesday. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13, Briefing.com reports. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The company had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. During the same period last year, the business posted ($0.10) earnings per share. The firm’s revenue was up 67.2% compared to the same quarter last year.

Applied Digital Trading Up 0.6 %

Shares of NASDAQ:APLD traded up $0.04 during trading on Friday, hitting $6.93. 3,905,757 shares of the company’s stock were exchanged, compared to its average volume of 6,642,340. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 1.14. The firm has a market cap of $1.49 billion, a P/E ratio of -5.97 and a beta of 4.56. The firm has a 50-day moving average price of $5.48 and a two-hundred day moving average price of $4.77. Applied Digital has a 1-year low of $2.36 and a 1-year high of $8.78.

Analyst Ratings Changes

A number of research analysts have recently commented on APLD shares. Lake Street Capital upped their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a report on Thursday, August 29th. B. Riley increased their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Craig Hallum boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Thursday. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Digital has a consensus rating of “Buy” and a consensus price target of $9.67.

Insider Activity

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.50, for a total value of $55,000.00. Following the transaction, the director now owns 218,506 shares of the company’s stock, valued at approximately $1,201,783. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 20.50% of the stock is currently owned by company insiders.

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.