Applied Digital Corporation (NASDAQ:APLD) Receives Average Recommendation of "Buy" from Brokerages

Shares of Applied Digital Corporation (NASDAQ:APLD - Get Free Report) have received a consensus rating of "Buy" from the thirteen analysts that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $12.73.

Several analysts have commented on APLD shares. Compass Point reaffirmed a "neutral" rating and issued a $13.00 price objective (up previously from $10.00) on shares of Applied Digital in a research report on Monday, June 9th. B. Riley raised their target price on Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Roth Capital reissued a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Craig Hallum increased their target price on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $10.00 price objective on shares of Applied Digital in a research note on Monday, June 2nd.

Applied Digital Stock Down 1.1%

Applied Digital stock traded down $0.12 during trading on Tuesday, hitting $10.49. 30,640,594 shares of the company were exchanged, compared to its average volume of 39,364,367. The company has a market capitalization of $2.36 billion, a P/E ratio of -7.66 and a beta of 6.08. The business's 50 day moving average is $7.28 and its 200 day moving average is $7.67. Applied Digital has a 52 week low of $3.01 and a 52 week high of $15.42. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data 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). Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. The firm had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same period in the previous year, the company posted ($0.24) earnings per share. Analysts predict that Applied Digital will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Rachel H. Lee sold 24,212 shares of the business's stock in a transaction dated 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 in the company, valued at $585,291. The trade was a 22.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 11.81% of the company's stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Situational Awareness LP purchased a new stake in shares of Applied Digital in the 1st quarter worth about $22,680,000. Vanguard Group Inc. raised its position in shares of Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after purchasing an additional 3,587,619 shares during the last quarter. Tidal Investments LLC boosted its stake in Applied Digital by 14,635.7% in the 4th quarter. Tidal Investments LLC now owns 1,697,850 shares of the company's stock worth $12,972,000 after purchasing an additional 1,686,328 shares in the last quarter. American Century Companies Inc. purchased a new stake in Applied Digital during the 4th quarter valued at about $12,843,000. Finally, Geode Capital Management LLC increased its stake in Applied Digital by 54.4% during the 4th quarter. Geode Capital Management LLC now owns 4,726,495 shares of the company's stock valued at $36,117,000 after purchasing an additional 1,665,335 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company's stock.

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.