Applied Digital (NASDAQ:APLD) Raised to “Strong-Buy” at Wells Fargo & Company

Applied Digital (NASDAQ:APLD) was upgraded by research analysts at Wells Fargo & Company to a “strong-buy” rating in a research report issued on Thursday, Zacks reports.

Several other research firms also recently weighed in on APLD. Compass Point restated a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a research note on Friday, May 22nd. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a report on Monday, August 3rd. Wall Street Zen lowered shares of Applied Digital from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday, July 21st. Finally, Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Four analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Applied Digital Stock Performance

NASDAQ APLD opened at $26.38 on Thursday. The firm has a market cap of $7.69 billion, a price-to-earnings ratio of -29.64 and a beta of 5.72. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88. The business has a 50-day moving average price of $27.71 and a 200-day moving average price of $32.67. Applied Digital has a twelve month low of $19.00 and a twelve month high of $50.72.

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

Insider Buying and Selling

In other Applied Digital news, Director Richard Nottenburg sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

A number of large investors have recently added to or reduced their stakes in the company. Equitec Proprietary Markets LLC bought a new position in shares of Applied Digital in the 2nd quarter valued at about $312,349,000. Situational Awareness LP increased its stake in Applied Digital by 87.0% during the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after acquiring an additional 5,274,905 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in Applied Digital during the fourth quarter valued at approximately $29,510,000. Westfield Capital Management Co. LP purchased a new stake in Applied Digital during the fourth quarter valued at approximately $25,363,000. Finally, BIT Capital GmbH lifted its stake in shares of Applied Digital by 171.0% in the 4th quarter. BIT Capital GmbH now owns 426,120 shares of the company’s stock valued at $10,448,000 after purchasing an additional 1,026,120 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

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.