Shares of Applied Digital Corporation (NASDAQ:APLD - Get Free Report) have earned an average rating of "Buy" from the thirteen brokerages that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation, eleven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $12.73.
Several research firms have commented on APLD. Craig Hallum boosted their target price on shares of Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Needham & Company LLC reissued a "buy" rating and issued a $10.00 target price on shares of Applied Digital in a research report on Monday, June 2nd. Citigroup reissued an "outperform" rating on shares of Applied Digital in a research report on Tuesday, June 3rd. HC Wainwright upped their price objective on shares of Applied Digital from $7.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, B. Riley upped their price objective on shares of Applied Digital from $8.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th.
Check Out Our Latest Analysis on Applied Digital
Insider Buying and Selling
In other news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $7.00, for a total value of $169,484.00. Following the completion of the transaction, the director owned 83,613 shares in the company, valued at approximately $585,291. This represents a 22.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.81% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Applied Digital
Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its position in shares of Applied Digital by 50.5% during the 4th quarter. Bank of New York Mellon Corp now owns 480,526 shares of the company's stock worth $3,671,000 after purchasing an additional 161,250 shares in the last quarter. US Bancorp DE acquired a new stake in shares of Applied Digital during the 4th quarter worth about $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital during the 4th quarter worth about $39,000. Charles Schwab Investment Management Inc. increased its position in shares of Applied Digital by 100.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,798,431 shares of the company's stock worth $13,740,000 after purchasing an additional 899,138 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of Applied Digital by 66.8% during the 4th quarter. Arizona State Retirement System now owns 49,953 shares of the company's stock worth $382,000 after purchasing an additional 20,002 shares in the last quarter. Institutional investors and hedge funds own 65.67% of the company's stock.
Applied Digital Trading Up 4.3%
Shares of APLD stock traded up $0.41 during trading hours on Friday, reaching $9.93. 31,839,310 shares of the stock traded hands, compared to its average volume of 38,477,973. Applied Digital has a 1-year low of $3.01 and a 1-year high of $15.42. The business has a fifty day moving average price of $9.12 and a 200 day moving average price of $7.75. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $2.23 billion, a PE ratio of -7.25 and a beta of 6.04.
Applied Digital (NASDAQ:APLD - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $62.91 million. During the same period in the previous year, the firm posted ($0.24) earnings per share. On average, equities research analysts forecast that Applied Digital will post -0.96 EPS for the current year.
About Applied Digital
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Get Free ReportApplied 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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