Applied Digital Corporation (NASDAQ:APLD) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Applied Digital Corporation (NASDAQ:APLD) have earned an average recommendation of “Moderate Buy” from the seventeen brokerages that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and three have issued a strong buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $68.15.

APLD has been the topic of several recent research reports. Northland Securities set a $82.00 price objective on shares of Applied Digital and gave the company an “outperform” rating in a research note on Wednesday, June 17th. Morgan Stanley raised their target price on shares of Applied Digital from $36.50 to $37.50 and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Craig Hallum lifted their target price on shares of Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday, July 21st. Finally, B. Riley Financial reiterated a “buy” rating and set a $75.00 price target (up from $66.00) on shares of Applied Digital in a research note on Monday, August 3rd.

Insiders Place Their Bets

In other Applied Digital news, Director Richard Nottenburg sold 75,000 shares of Applied Digital stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the sale, the director owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. The trade was a 35.99% 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. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Hedge funds have recently modified their holdings of the business. WINTON GROUP Ltd acquired a new position in Applied Digital during the second quarter worth $209,000. Engineers Gate Manager LP purchased a new position in Applied Digital in the second quarter worth $4,350,000. Integrated Wealth Concepts LLC acquired a new stake in Applied Digital in the second quarter valued at $265,000. NewEdge Advisors LLC lifted its holdings in Applied Digital by 35.1% in the second quarter. NewEdge Advisors LLC now owns 81,134 shares of the company’s stock valued at $3,026,000 after acquiring an additional 21,093 shares during the period. Finally, Steamboat Capital Partners LLC acquired a new stake in Applied Digital in the second quarter valued at $7,203,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Trading Up 4.1%

Shares of APLD stock opened at $24.39 on Thursday. The business’s 50 day moving average is $27.83 and its two-hundred day moving average is $32.68. Applied Digital has a twelve month low of $18.88 and a twelve month high of $50.72. The company has a market capitalization of $7.11 billion, a P/E ratio of -27.40 and a beta of 5.72. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings results on Monday, July 27th. The company reported ($0.39) EPS 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 quarter last year, the company earned ($0.24) EPS. Applied Digital’s revenue for the quarter was up 406.3% compared to the same quarter last year. Equities analysts forecast that Applied Digital will post -1.09 EPS for the current year.

About Applied Digital

Applied Digital Corporation (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.

The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.