Applied Digital Corporation (NASDAQ:APLD) Receives $14.18 Consensus Target Price from Brokerages

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 received a consensus rating of "Buy" from the thirteen brokerages that are presently covering the company, Marketbeat reports. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $14.1818.

A number of research analysts recently issued reports on the stock. JMP Securities boosted their target price on shares of Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a research report on Tuesday, June 3rd. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. B. Riley boosted their target price on Applied Digital from $8.00 to $15.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Cantor Fitzgerald dropped their price target on Applied Digital from $14.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Finally, Roth Capital reissued a "buy" rating on shares of Applied Digital in a research note on Monday, June 2nd.

Applied Digital Trading Down 0.3%

Shares of NASDAQ:APLD traded down $0.04 during midday trading on Wednesday, reaching $14.20. The company's stock had a trading volume of 19,003,033 shares, compared to its average volume of 37,180,088. Applied Digital has a fifty-two week low of $3.01 and a fifty-two week high of $15.42. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a 50 day moving average price of $11.21 and a two-hundred day moving average price of $8.20. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of -13.03 and a beta of 6.17.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported ($0.12) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.12). The business had revenue of $38.01 million during the quarter, compared to the consensus estimate of $42.86 million. Applied Digital had a negative return on equity of 50.03% and a negative net margin of 107.22%. The firm's revenue for the quarter was up 41.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.14) earnings per share. As a group, analysts forecast that Applied Digital will post -0.96 earnings per share for the current year.

Insider Activity

In related news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total transaction of $169,484.00. Following the transaction, the director directly owned 83,613 shares of the company's stock, valued at $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently modified their holdings of the company. Flagship Harbor Advisors LLC lifted its holdings in Applied Digital by 6.0% during the second quarter. Flagship Harbor Advisors LLC now owns 15,930 shares of the company's stock worth $160,000 after acquiring an additional 900 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. Wedbush Securities Inc. raised its stake in shares of Applied Digital by 14.8% during the 1st quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock worth $87,000 after purchasing an additional 2,000 shares during the period. Wellington Management Group LLP raised its stake in shares of Applied Digital by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock worth $107,000 after purchasing an additional 2,001 shares during the period. Finally, Teacher Retirement System of Texas raised its position in Applied Digital by 10.2% in the second quarter. Teacher Retirement System of Texas now owns 27,252 shares of the company's stock worth $274,000 after acquiring an additional 2,515 shares during the period. 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.