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

Shares of Applied Digital Co. (NASDAQ:APLD - Get Free Report) have been assigned a consensus rating of "Buy" from the thirteen brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, eleven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $12.73.

A number of equities analysts have recently weighed in on the stock. Craig Hallum upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Needham & Company LLC reissued a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Monday, June 2nd. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. Roth Capital reissued a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd. Finally, B. Riley increased their target price on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th.

Insider Activity

In other news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the sale, the director now directly owns 83,613 shares of the company's stock, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. US Bancorp DE bought a new stake in shares of Applied Digital in the fourth quarter valued at about $37,000. PNC Financial Services Group Inc. bought a new stake in shares of Applied Digital in the first quarter valued at about $28,000. Jones Financial Companies Lllp bought a new stake in shares of Applied Digital in the fourth quarter valued at about $39,000. Amalgamated Bank lifted its stake in shares of Applied Digital by 113.3% in the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company's stock valued at $50,000 after buying an additional 3,473 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock valued at $37,000 after buying an additional 3,542 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Trading Up 3.3%

NASDAQ APLD opened at $11.55 on Tuesday. Applied Digital has a 1-year low of $3.01 and a 1-year high of $15.42. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $2.60 billion, a PE ratio of -6.68 and a beta of 6.08. The firm's fifty day simple moving average is $6.96 and its 200-day simple moving average is $7.62.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The company had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same period last year, the company posted ($0.24) earnings per share. As a group, sell-side analysts anticipate that Applied Digital will post -0.96 earnings per share 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.

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