Applied Digital Co. (NASDAQ:APLD) Receives Consensus Recommendation of “Buy” from Brokerages

Applied Digital Co. (NASDAQ:APLD) has been given a consensus recommendation of “Buy” by the nine brokerages that are covering the company, MarketBeat.com reports. Nine analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $12.11.

Several brokerages have commented on APLD. Compass Point began coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price for the company. Northland Securities lifted their target price on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 4th. HC Wainwright increased their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Monday, February 24th. Finally, Cantor Fitzgerald dropped their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th.

Applied Digital Price Performance

Applied Digital stock opened at $7.00 on Friday. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -4.05 and a beta of 4.69. Applied Digital has a 12-month low of $2.36 and a 12-month high of $12.48. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The business’s 50-day simple moving average is $8.11 and its 200 day simple moving average is $7.82.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The firm had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. During the same period last year, the firm earned ($0.05) earnings per share. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. As a group, research analysts anticipate that Applied Digital will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In other news, Director Richard N. Nottenburg sold 20,000 shares of Applied Digital stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This trade represents a 5.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB increased its holdings in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd bought a new position in Applied Digital during the fourth quarter worth $36,000. US Bancorp DE acquired a new position in shares of Applied Digital in the 4th quarter valued at about $37,000. Jones Financial Companies Lllp bought a new stake in Applied Digital in the fourth quarter worth approximately $39,000. Finally, Spire Wealth Management acquired a new position in Applied Digital in the fourth quarter valued at approximately $43,000. 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.