Applied Digital Co. (NASDAQ:APLD) Given Consensus Rating of "Buy" by Analysts

Applied Digital Co. (NASDAQ:APLD - Get Free Report) has been assigned a consensus rating of "Buy" from the eleven ratings firms that are covering the firm, MarketBeat.com reports. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $10.91.

Several equities analysts have recently weighed in on the stock. HC Wainwright dropped their price objective on shares of Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price target on shares of Applied Digital in a research note on Wednesday, April 23rd. Compass Point began coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective for the company. Citizens Jmp upgraded Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a report on Thursday. Finally, Northland Securities increased their target price on Applied Digital from $12.00 to $20.00 and gave the stock an "outperform" rating in a report on Tuesday, February 4th.

Applied Digital Trading Down 1.6%

NASDAQ APLD traded down $0.12 during trading hours on Friday, hitting $7.36. 24,528,671 shares of the company's stock were exchanged, compared to its average volume of 30,643,613. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -4.25 and a beta of 5.98. The stock has a 50-day simple moving average of $5.56 and a 200 day simple moving average of $7.40. 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 $3.01 and a 1-year high of $12.48.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its earnings results on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The company had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. During the same quarter in the previous year, the firm earned ($0.24) EPS. On average, equities analysts forecast that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In related news, Director Rachel H. Lee sold 24,212 shares of Applied Digital stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the transaction, the director now owns 83,613 shares of the company's stock, valued at $585,291. The trade was a 22.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

Large investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. grew its position in Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock worth $128,000 after purchasing an additional 1,500 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Applied Digital by 16.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company's stock valued at $90,000 after purchasing an additional 1,692 shares during the period. Corebridge Financial Inc. increased its position in shares of Applied Digital by 2.0% during the 1st quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock valued at $546,000 after purchasing an additional 1,899 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after buying an additional 2,000 shares during the last quarter. Finally, Wedbush Securities Inc. increased its holdings in Applied Digital by 14.8% during the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock worth $87,000 after buying an additional 2,000 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors.

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.