Applied Digital Co. (NASDAQ:APLD) Receives $10.67 Consensus Target Price from Analysts

Applied Digital Co. (NASDAQ:APLD - Get Free Report) has been given an average recommendation of "Buy" by the nine brokerages that are covering the stock, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a buy rating. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $10.67.

APLD has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 price target on shares of Applied Digital in a research report on Wednesday, April 23rd. HC Wainwright dropped their price target on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Compass Point initiated coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a "buy" rating and a $10.00 price objective on the stock. Northland Securities boosted their price target on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Finally, Cantor Fitzgerald cut their price target on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th.

Applied Digital Stock Up 9.3 %

Shares of NASDAQ APLD traded up $0.42 during mid-day trading on Monday, reaching $4.96. 9,449,201 shares of the company traded hands, compared to its average volume of 28,557,166. The company's fifty day moving average is $6.00 and its two-hundred day moving average is $7.61. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77. Applied Digital has a fifty-two week low of $2.92 and a fifty-two week high of $12.48. The stock has a market cap of $1.11 billion, a PE ratio of -2.87 and a beta of 5.18.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The firm had revenue of $52.92 million during the quarter, compared to the consensus estimate 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 period in the prior year, the business earned ($0.24) EPS. On average, analysts expect that Applied Digital will post -0.96 earnings per share for the current year.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of APLD. Wilmington Savings Fund Society FSB lifted its position in shares of Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock worth $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd acquired a new position in shares of Applied Digital during the 4th quarter worth about $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital in the fourth quarter valued at about $37,000. Jones Financial Companies Lllp bought a new stake in Applied Digital during the fourth quarter worth about $39,000. Finally, Spire Wealth Management bought a new position in Applied Digital in the fourth quarter valued at approximately $43,000. Institutional investors and hedge funds own 65.67% of the company's stock.

About Applied Digital

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.