Applied Digital Corporation (NASDAQ:APLD) Receives $26.20 Average Price Target from Analysts

Applied Digital Corporation (NASDAQ:APLD) has earned an average recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $26.20.

APLD has been the subject of a number of recent analyst reports. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. HC Wainwright lifted their target price on shares of Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Thursday, October 9th. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research report on Wednesday, October 29th. Finally, Craig Hallum increased their target price on Applied Digital to $39.00 and gave the company a “buy” rating in a report on Thursday, October 23rd.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $23.65 on Friday. The firm has a 50-day moving average of $27.50 and a two-hundred day moving average of $16.76. The company has a market capitalization of $6.73 billion, a price-to-earnings ratio of -20.93 and a beta of 6.77. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.29. Applied Digital has a twelve month low of $3.31 and a twelve month high of $40.20.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The firm had revenue of $64.22 million during the quarter, compared to analysts’ expectations of $52.25 million. During the same period last year, the firm posted ($0.15) earnings per share. The firm’s revenue for the quarter was up 84.3% compared to the same quarter last year. As a group, analysts expect that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Chuck Hastings sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $35.69, for a total transaction of $1,784,500.00. Following the completion of the sale, the director owned 451,612 shares of the company’s stock, valued at $16,118,032.28. This represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 34,375 shares of the company’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $33.23, for a total value of $1,142,281.25. Following the transaction, the director owned 263,612 shares of the company’s stock, valued at approximately $8,759,826.76. This trade represents a 11.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 823,035 shares of company stock worth $18,930,179 in the last ninety days. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds have recently made changes to their positions in the company. Dagco Inc. acquired a new position in shares of Applied Digital during the third quarter worth approximately $27,000. Evolution Wealth Management Inc. raised its stake in shares of Applied Digital by 101.8% during the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after buying an additional 807 shares during the last quarter. CoreCap Advisors LLC raised its stake in shares of Applied Digital by 124.9% during the third quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock worth $41,000 after buying an additional 1,002 shares during the last quarter. RiverPark Advisors LLC acquired a new position in Applied Digital in the third quarter valued at approximately $51,000. Finally, Farther Finance Advisors LLC boosted its stake in Applied Digital by 51.8% in the third quarter. Farther Finance Advisors LLC now owns 2,306 shares of the company’s stock valued at $53,000 after acquiring an additional 787 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

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.