Applied Digital Co. (NASDAQ:APLD) Receives $12.11 Average PT from Brokerages

Shares of Applied Digital Co. (NASDAQ:APLD) have earned a consensus rating of “Buy” from the nine analysts that are covering the company, Marketbeat.com reports. Nine analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $12.11.

A number of analysts have commented on the stock. HC Wainwright boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a “buy” rating and a $10.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Monday, February 24th. Cantor Fitzgerald cut their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, Northland Securities increased their price objective on Applied Digital from $12.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 4th.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the transaction, the director now owns 342,923 shares in the company, valued at approximately $3,034,868.55. This represents a 5.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APLD. Hood River Capital Management LLC increased its stake in shares of Applied Digital by 10.7% during the 4th quarter. Hood River Capital Management LLC now owns 15,147,422 shares of the company’s stock worth $115,726,000 after purchasing an additional 1,464,854 shares during the last quarter. Vanguard Group Inc. increased its position in Applied Digital by 39.1% in the fourth quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company’s stock worth $97,487,000 after buying an additional 3,587,619 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Applied Digital by 54.4% in the fourth quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company’s stock valued at $36,117,000 after buying an additional 1,665,335 shares during the period. Van ECK Associates Corp lifted its position in shares of Applied Digital by 113.8% during the 4th quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after buying an additional 2,344,572 shares during the last quarter. Finally, Pertento Partners LLP grew its stake in shares of Applied Digital by 49.0% during the 4th quarter. Pertento Partners LLP now owns 2,528,717 shares of the company’s stock worth $19,319,000 after acquiring an additional 831,705 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Applied Digital Price Performance

APLD stock opened at $7.00 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The company’s 50-day moving average is $8.11 and its 200-day moving average is $7.82. The stock has a market capitalization of $1.56 billion, a PE ratio of -4.05 and a beta of 4.69. Applied Digital has a 1 year low of $2.36 and a 1 year high of $12.48.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company’s quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) earnings per share. Equities research analysts expect that Applied Digital will post -0.96 EPS for the current fiscal year.

Applied Digital Company Profile

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.