JMP Securities Begins Coverage on Applied Digital (NASDAQ:APLD)

JMP Securities began coverage on shares of Applied Digital (NASDAQ:APLD - Free Report) in a report published on Thursday,Benzinga reports. The brokerage issued a market outperform rating and a $12.00 target price on the stock.

A number of other brokerages have also recently commented on APLD. Needham & Company LLC restated a "buy" rating and set a $10.00 price target on shares of Applied Digital in a research note on Wednesday, April 23rd. Compass Point started coverage on Applied Digital in a research note on Tuesday, January 28th. They set a "buy" rating and a $10.00 price target on the stock. Northland Securities increased their price target on Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Citizens Jmp upgraded shares of Applied Digital to a "strong-buy" rating and set a $12.00 price objective for the company in a report on Thursday. Finally, Cantor Fitzgerald lowered their price target on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $10.91.

Applied Digital Stock Down 1.6%

NASDAQ:APLD traded down $0.12 during mid-day trading on Thursday, reaching $7.36. The stock had a trading volume of 24,528,671 shares, compared to its average volume of 30,643,613. Applied Digital has a fifty-two week low of $3.01 and a fifty-two week high of $12.48. The business's 50 day moving average is $5.56 and its 200 day moving average is $7.41. The stock has a market cap of $1.65 billion, a P/E ratio of -4.25 and a beta of 5.98. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last issued its quarterly earnings results 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 127.86% and a negative return on equity of 117.67%. The business had revenue of $52.92 million during the quarter, compared to analyst estimates of $62.91 million. During the same period in the prior year, the business posted ($0.24) earnings per share. As a group, sell-side analysts predict that Applied Digital will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Rachel H. Lee sold 24,212 shares of the stock in a transaction dated 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 now owns 83,613 shares of the company's stock, valued at approximately $585,291. This represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 11.81% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN grew its stake in shares of Applied Digital by 96.6% in the fourth quarter. Wells Fargo & Company MN now owns 119,963 shares of the company's stock worth $917,000 after purchasing an additional 58,943 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Applied Digital by 39.1% in the 4th quarter. Vanguard Group Inc. now owns 12,760,035 shares of the company's stock valued at $97,487,000 after buying an additional 3,587,619 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Applied Digital by 68.7% in the fourth quarter. Rhumbline Advisers now owns 258,892 shares of the company's stock valued at $1,978,000 after buying an additional 105,428 shares during the period. Exchange Traded Concepts LLC raised its position in shares of Applied Digital by 37.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company's stock worth $7,656,000 after acquiring an additional 273,666 shares during the last quarter. Finally, Numerai GP LLC bought a new position in shares of Applied Digital during the fourth quarter worth about $790,000. Institutional investors and hedge funds own 65.67% of the company's stock.

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.