Applied Digital Corporation (NASDAQ:APLD) Receives Average Rating of "Buy" from Brokerages

Shares of Applied Digital Corporation (NASDAQ:APLD - Get Free Report) have been given a consensus rating of "Buy" by the thirteen research firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $12.73.

Several brokerages have recently issued reports on APLD. Citigroup restated an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. JMP Securities increased their target price on Applied Digital from $12.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. HC Wainwright increased their target price on Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Needham & Company LLC reiterated a "buy" rating and set a $10.00 target price on shares of Applied Digital in a research report on Monday, June 2nd. Finally, Roth Capital reiterated a "buy" rating on shares of Applied Digital in a research report on Monday, June 2nd.

Applied Digital Stock Down 1.6%

Shares of NASDAQ:APLD opened at $9.18 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56. Applied Digital has a 52-week low of $3.01 and a 52-week high of $15.42. The stock's fifty day simple moving average is $9.04 and its 200-day simple moving average is $7.76. The company has a market capitalization of $2.07 billion, a P/E ratio of -6.70 and a beta of 6.04.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative net margin of 109.99% and a negative return on equity of 77.49%. The company had revenue of $52.92 million during the quarter, compared to analysts' expectations of $62.91 million. During the same quarter in the prior year, the company earned ($0.24) earnings per share. As a group, equities research analysts forecast that Applied Digital will post -0.96 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In other news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the sale, the director owned 83,613 shares in the company, valued at approximately $585,291. This trade represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. acquired a new position in shares of Applied Digital in the 1st quarter worth approximately $28,000. US Bancorp DE bought a new stake in shares of Applied Digital in the 4th quarter worth approximately $37,000. Geneos Wealth Management Inc. lifted its holdings in shares of Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company's stock worth $37,000 after purchasing an additional 3,542 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Applied Digital in the 4th quarter worth approximately $39,000. Finally, CWM LLC lifted its holdings in shares of Applied Digital by 116.5% in the 1st quarter. CWM LLC now owns 9,506 shares of the company's stock worth $53,000 after purchasing an additional 5,116 shares during the last quarter. Institutional investors and hedge funds 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.

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