Applied Digital Corporation (NASDAQ:APLD) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Applied Digital Corporation (NASDAQ:APLD) have earned an average recommendation of “Buy” from the sixteen research firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and three have given a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $59.1111.

A number of equities analysts recently weighed in on the stock. Zacks Research upgraded shares of Applied Digital from a “strong sell” rating to a “hold” rating in a report on Thursday, May 7th. Citizens Jmp raised their price objective on Applied Digital from $40.00 to $60.00 and gave the company a “market outperform” rating in a research report on Thursday, May 21st. Roth Mkm restated a “buy” rating and set a $65.00 price objective on shares of Applied Digital in a research report on Thursday, April 23rd. Citigroup restated an “outperform” rating on shares of Applied Digital in a research report on Thursday, May 21st. Finally, Lake Street Capital restated a “buy” rating and set a $70.00 price objective (up from $55.00) on shares of Applied Digital in a research report on Thursday, May 21st.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 12,500 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the transaction, the director directly owned 208,378 shares in the company, valued at approximately $7,207,795.02. This represents a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the completion of the sale, the director directly owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 35,000 shares of company stock worth $1,182,175. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently modified their holdings of APLD. AQR Capital Management LLC grew its stake in shares of Applied Digital by 84.8% during the first quarter. AQR Capital Management LLC now owns 18,945 shares of the company’s stock worth $106,000 after acquiring an additional 8,692 shares during the last quarter. NewEdge Advisors LLC boosted its position in Applied Digital by 239.1% in the first quarter. NewEdge Advisors LLC now owns 33,267 shares of the company’s stock valued at $187,000 after buying an additional 23,457 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Applied Digital by 113.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock worth $37,000 after buying an additional 3,542 shares during the last quarter. Strs Ohio purchased a new position in Applied Digital during the 1st quarter worth approximately $71,000. Finally, Cetera Investment Advisers raised its position in Applied Digital by 61.0% during the 2nd quarter. Cetera Investment Advisers now owns 61,656 shares of the company’s stock worth $621,000 after buying an additional 23,360 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Down 10.3%

Shares of NASDAQ:APLD opened at $39.62 on Tuesday. Applied Digital has a 1 year low of $9.02 and a 1 year high of $50.72. The stock’s 50-day moving average is $36.19 and its 200 day moving average is $32.06. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The company has a market cap of $11.32 billion, a PE ratio of -53.54 and a beta of 5.69.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The firm had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. During the same quarter last year, the company posted ($0.08) EPS. The firm’s revenue was up 139.3% on a year-over-year basis. Sell-side analysts anticipate that Applied Digital will post -0.68 EPS for the current year.

About Applied Digital

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.