Applied Digital Corporation (NASDAQ:APLD) Receives $33.27 Average Price Target from Brokerages

Shares of Applied Digital Corporation (NASDAQ:APLD) have received a consensus recommendation of “Buy” from the sixteen research firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, twelve have issued a buy rating and three have given a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $34.7273.

Several research analysts recently issued reports on the stock. Freedom Capital upgraded shares of Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a research note on Wednesday, January 28th. Needham & Company LLC reiterated a “buy” rating and set a $41.00 price objective on shares of Applied Digital in a research report on Thursday, January 8th. Lake Street Capital restated a “buy” rating and issued a $45.00 target price on shares of Applied Digital in a research report on Tuesday, December 30th. Finally, Arete Research initiated coverage on Applied Digital in a research note on Wednesday, January 7th. They issued a “buy” rating for the company.

Applied Digital Stock Performance

Shares of APLD opened at $36.70 on Wednesday. The company has a current ratio of 4.82, a quick ratio of 4.82 and a debt-to-equity ratio of 1.79. The stock has a 50-day moving average price of $30.81 and a 200-day moving average price of $25.10. The company has a market cap of $10.26 billion, a PE ratio of -67.96 and a beta of 7.25. Applied Digital has a 12-month low of $3.31 and a 12-month high of $42.27.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Wednesday, January 7th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company had revenue of $126.59 million during the quarter, compared to analysts’ expectations of $82.22 million. Applied Digital had a negative net margin of 43.49% and a negative return on equity of 13.53%. The company’s revenue for the quarter was up 250.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.06) earnings per share. As a group, equities analysts forecast that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In related news, Director Chuck Hastings sold 45,987 shares of Applied Digital stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $38.57, for a total value of $1,773,718.59. Following the transaction, the director owned 388,372 shares in the company, valued at $14,979,508.04. This trade represents a 10.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $38.54, for a total transaction of $385,400.00. Following the sale, the director owned 200,859 shares of the company’s stock, valued at approximately $7,741,105.86. The trade was a 4.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 244,593 shares of company stock worth $9,003,278 in the last quarter. 9.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in APLD. Atlantic Union Bankshares Corp purchased a new stake in Applied Digital during the 2nd quarter valued at $25,000. Noble Wealth Management PBC purchased a new stake in Applied Digital in the 4th quarter worth approximately $25,000. Albion Financial Group UT bought a new stake in shares of Applied Digital in the 4th quarter worth approximately $25,000. Activest Wealth Management bought a new position in shares of Applied Digital during the fourth quarter valued at approximately $25,000. Finally, Larson Financial Group LLC lifted its stake in Applied Digital by 56,450.0% in the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock worth $26,000 after acquiring an additional 1,129 shares during the period. Institutional investors own 65.67% of the company’s stock.

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.