Applied Digital Corporation (NASDAQ:APLD) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Applied Digital has a consensus analyst rating of "Moderate Buy" from 16 brokerages, with 11 buy ratings, 3 strong buy ratings, and 2 sell ratings.
• The stock’s average 12-month price target among analysts is about $70.56, with recent reports ranging from sell calls to price target increases as high as $79.
• Shares opened at $30.05, while insiders have recently sold stock and institutional investors still hold about 65.67% of the company.

Applied Digital Corporation (NASDAQ:APLD - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the sixteen brokerages that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, eleven have issued a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $70.5556.

APLD has been the topic of a number of research reports. Compass Point reaffirmed a "buy" rating and set a $70.00 target price on shares of Applied Digital in a research note on Friday, May 22nd. Zacks Research cut Applied Digital from a "hold" rating to a "strong sell" rating in a research note on Monday, June 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of Applied Digital in a report on Friday, April 24th. Citigroup reissued a "market outperform" rating on shares of Applied Digital in a report on Tuesday, June 9th. Finally, Craig Hallum boosted their price objective on Applied Digital from $75.00 to $79.00 and gave the stock a "buy" rating in a research report on Tuesday, June 9th.

Applied Digital Price Performance

APLD stock opened at $30.05 on Wednesday. The stock has a market cap of $8.59 billion, a price-to-earnings ratio of -40.61 and a beta of 5.67. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.38 and a quick ratio of 2.38. The company has a 50 day simple moving average of $39.75 and a 200 day simple moving average of $34.54. Applied Digital has a 1 year low of $9.79 and a 1 year high of $50.72.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the business's stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the sale, the director directly owned 184,859 shares in the company, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 12,500 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the transaction, the director directly owned 208,378 shares of the company's stock, valued at $7,207,795.02. This represents a 5.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 35,000 shares of company stock worth $1,182,175 over the last three months. Insiders own 9.50% of the company's stock.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB increased its position in Applied Digital by 1.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 71,600 shares of the company's stock valued at $2,671,000 after acquiring an additional 700 shares during the period. Whitaker Myers Wealth Managers LTD. bought a new position in shares of Applied Digital during the second quarter valued at $1,841,000. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Applied Digital by 102.3% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 41,787 shares of the company's stock worth $1,559,000 after purchasing an additional 21,130 shares during the period. TrueWealth Advisors LLC acquired a new position in shares of Applied Digital during the second quarter worth $381,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Applied Digital during the second quarter worth $37,000. 65.67% of the stock is owned by institutional investors.

About Applied Digital

Applied Digital NASDAQ: APLD is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital's modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.

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