Applied Digital Corporation (NASDAQ:APLD) Receives $15.64 Consensus Price Target from Analysts

Key Points

• Applied Digital Corporation has received a consensus rating of "Buy" from thirteen research firms, with an average price objective of $15.6364 among brokerages covering the stock.
• Despite strong analyst ratings, shares of Applied Digital recently declined by 3.7%, opening at $15.98 after a significant increase in target prices from various analysts.
• Institutional investors hold a substantial stake in Applied Digital, owning 65.67% of the company's stock, with notable increases in positions from firms like BNP Paribas Financial Markets.

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) has received an average rating of "Buy" from the thirteen brokerages that are covering the company, Marketbeat Ratings reports. Twelve 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 brokers that have issued ratings on the stock in the last year is $15.6364.

Several research analysts have recently commented on the stock. Lake Street Capital raised their target price on shares of Applied Digital from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Roth Capital reaffirmed a "buy" rating on shares of Applied Digital in a report on Monday, June 2nd. Citigroup reaffirmed an "outperform" rating on shares of Applied Digital in a report on Tuesday, June 3rd. Craig Hallum raised their target price on shares of Applied Digital from $12.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, August 18th. Finally, Needham & Company LLC raised their target price on shares of Applied Digital from $12.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, July 31st.

Insider Activity

In related news, Director Richard N. Nottenburg sold 11,250 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $14.22, for a total transaction of $159,975.00. Following the sale, the director owned 317,987 shares in the company, valued at approximately $4,521,775.14. This trade represents a 3.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 11.81% of the company's stock.

Institutional Trading of Applied Digital

Large investors have recently made changes to their positions in the company. Teacher Retirement System of Texas acquired a new stake in shares of Applied Digital during the 1st quarter worth approximately $139,000. Exchange Traded Concepts LLC boosted its position in shares of Applied Digital by 4.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,042,035 shares of the company's stock worth $5,856,000 after acquiring an additional 39,945 shares in the last quarter. Register Financial Advisors LLC boosted its position in shares of Applied Digital by 26.2% during the 1st quarter. Register Financial Advisors LLC now owns 254,200 shares of the company's stock worth $1,429,000 after acquiring an additional 52,700 shares in the last quarter. Hunter Associates Investment Management LLC boosted its position in shares of Applied Digital by 15.9% during the 1st quarter. Hunter Associates Investment Management LLC now owns 535,921 shares of the company's stock worth $3,019,000 after acquiring an additional 73,718 shares in the last quarter. Finally, Acuitas Investments LLC acquired a new stake in shares of Applied Digital during the 1st quarter worth approximately $2,639,000. Institutional investors and hedge funds own 65.67% of the company's stock.

Applied Digital Stock Performance

Shares of APLD traded down $0.62 during mid-day trading on Friday, hitting $15.98. 27,974,558 shares of the company's stock were exchanged, compared to its average volume of 30,591,584. Applied Digital has a 52 week low of $3.01 and a 52 week high of $17.60. The stock's 50-day simple moving average is $12.37 and its 200-day simple moving average is $9.02. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of -14.66 and a beta of 6.17. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.36.

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

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.