Applied Digital (NASDAQ:APLD) Coverage Initiated at Compass Point

Equities researchers at Compass Point started coverage on shares of Applied Digital (NASDAQ:APLD) in a note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Compass Point’s target price would indicate a potential upside of 54.56% from the stock’s current price.

Several other research analysts have also issued reports on APLD. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Cantor Fitzgerald cut their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Wednesday, January 15th. HC Wainwright increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Finally, Lake Street Capital increased their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital currently has an average rating of “Buy” and an average target price of $11.13.

Applied Digital Stock Down 27.8 %

Shares of NASDAQ APLD opened at $6.47 on Tuesday. The firm has a market capitalization of $1.44 billion, a PE ratio of -3.74 and a beta of 4.78. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25. The firm’s 50-day moving average is $9.01 and its 200-day moving average is $7.09.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The company had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The company’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. Equities analysts expect that Applied Digital will post -0.8 EPS for the current year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the sale, the director now directly owns 384,317 shares in the company, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 289,369 shares of company stock worth $2,622,461. Company insiders own 11.81% of the company’s stock.

Institutional Trading of Applied Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Calamos Advisors LLC acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $1,273,000. Spire Wealth Management acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $43,000. Hunter Associates Investment Management LLC raised its holdings in shares of Applied Digital by 8.7% in the fourth quarter. Hunter Associates Investment Management LLC now owns 462,203 shares of the company’s stock valued at $3,522,000 after purchasing an additional 37,060 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $36,000. Finally, KBC Group NV acquired a new stake in shares of Applied Digital in the fourth quarter valued at approximately $55,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.