Applied Digital Corporation (NASDAQ:APLD) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Applied Digital Corporation (NASDAQ:APLD) have received a consensus rating of “Moderate Buy” from the seventeen brokerages that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, eleven have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $68.15.

Several research firms have recently issued reports on APLD. Northland Securities set a $82.00 price target on shares of Applied Digital and gave the company an “outperform” rating in a research report on Wednesday, June 17th. B. Riley Financial reiterated a “buy” rating and issued a $75.00 price objective (up from $66.00) on shares of Applied Digital in a research note on Monday, August 3rd. Lake Street Capital boosted their target price on shares of Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Citigroup reissued a “market outperform” rating on shares of Applied Digital in a report on Monday, August 3rd. Finally, Morgan Stanley increased their target price on Applied Digital from $36.50 to $37.50 and gave the stock an “equal weight” rating in a research report on Thursday, August 6th.

Applied Digital Trading Up 1.5%

Shares of APLD opened at $28.65 on Friday. Applied Digital has a fifty-two week low of $13.16 and a fifty-two week high of $50.72. The business has a 50-day moving average of $33.09 and a 200 day moving average of $33.62. The firm has a market cap of $8.35 billion, a P/E ratio of -32.19 and a beta of 5.75. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.39) 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 net margin of 37.78% and a negative return on equity of 16.42%. Applied Digital’s revenue for the quarter was up 406.3% compared to the same quarter last year. During the same period last year, the company earned ($0.24) earnings per share. As a group, research analysts forecast that Applied Digital will post -1.09 EPS for the current year.

Insider Activity

In related news, Director Richard N. Nottenburg sold 75,000 shares of the business’s stock in a transaction 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 sale, the director directly owned 133,378 shares in the company, valued at approximately $4,154,724.70. The trade was a 35.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Securities LLC increased its position in shares of Applied Digital by 116.2% during the second quarter. Two Sigma Securities LLC now owns 24,969 shares of the company’s stock valued at $931,000 after buying an additional 13,422 shares during the period. GTS Securities LLC bought a new position in shares of Applied Digital in the second quarter valued at approximately $1,641,000. Cookson Peirce & Co. Inc. boosted its position in shares of Applied Digital by 12.7% in the second quarter. Cookson Peirce & Co. Inc. now owns 36,251 shares of the company’s stock valued at $1,352,000 after acquiring an additional 4,077 shares during the period. Equitec Proprietary Markets LLC bought a new position in shares of Applied Digital in the second quarter valued at approximately $312,349,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Applied Digital by 32.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 581,255 shares of the company’s stock valued at $21,681,000 after acquiring an additional 143,308 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.