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

Key Points

• Applied Digital Corporation (NASDAQ:APLD) has received an average rating of "Buy" from thirteen brokerages, with twelve analysts recommending a buy and one a strong buy.
• The company's average twelve-month price target among analysts is $14.18, with target prices ranging from $7.00 to $18.00 set by various firms.
• Applied Digital reported a 41.3% year-over-year revenue increase for the last quarter, reaching $38.01 million, despite a consensus earnings per share estimate of (-$0.12).

Shares of Applied Digital Corporation (NASDAQ:APLD - Get Free Report) have been assigned an average rating of "Buy" from the thirteen ratings firms that are covering the company, MarketBeat reports. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $14.1818.

A number of equities research analysts have recently weighed in on the company. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research note on Tuesday, June 3rd. HC Wainwright raised their price objective on Applied Digital from $12.00 to $15.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. JMP Securities lifted their price objective on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research note on Tuesday, June 3rd. Lake Street Capital raised their price target on shares of Applied Digital from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, B. Riley boosted their price objective on shares of Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, June 4th.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the transaction, the director owned 83,613 shares of the company's stock, valued at $585,291. This represents a 22.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 11.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of APLD. LPL Financial LLC grew its holdings in shares of Applied Digital by 58.4% during the fourth quarter. LPL Financial LLC now owns 180,902 shares of the company's stock valued at $1,382,000 after buying an additional 66,683 shares during the last quarter. Vanguard Group Inc. lifted its position in Applied Digital by 39.1% during the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock worth $97,487,000 after acquiring an additional 3,587,619 shares during the period. Prudential Financial Inc. purchased a new stake in Applied Digital during the 4th quarter valued at about $97,000. JPMorgan Chase & Co. increased its holdings in shares of Applied Digital by 294.6% in the fourth quarter. JPMorgan Chase & Co. now owns 222,383 shares of the company's stock valued at $1,699,000 after purchasing an additional 166,028 shares during the period. Finally, Pictet Asset Management Holding SA raised its stake in shares of Applied Digital by 72.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 22,822 shares of the company's stock worth $174,000 after purchasing an additional 9,555 shares during the last quarter. Institutional investors own 65.67% of the company's stock.

Applied Digital Stock Down 3.7%

NASDAQ APLD traded down $0.55 on Wednesday, reaching $14.24. The company had a trading volume of 28,839,226 shares, compared to its average volume of 38,602,094. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.36. The company's fifty day moving average is $11.06 and its 200 day moving average is $8.17. Applied Digital has a 52-week low of $3.01 and a 52-week high of $15.42. The stock has a market capitalization of $3.72 billion, a P/E ratio of -13.06 and a beta of 6.17.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The company had revenue of $38.01 million during the quarter, compared to analyst estimates of $42.86 million. Applied Digital had a negative net margin of 107.22% and a negative return on equity of 50.03%. Applied Digital's quarterly revenue was up 41.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.14) EPS. 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.