Applied Digital (NASDAQ:APLD) Cut to "Strong Sell" at Wall Street Zen

Applied Digital (NASDAQ:APLD - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Saturday.

Several other brokerages have also commented on APLD. Northland Securities set a $82.00 price target on shares of Applied Digital and gave the company an "outperform" rating in a research note on Wednesday, June 17th. Weiss Ratings reissued a "sell (d-)" rating on shares of Applied Digital in a report on Tuesday, July 21st. Citigroup reissued a "market outperform" rating on shares of Applied Digital in a report on Monday. 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. Finally, B. Riley Financial reaffirmed a "buy" rating and set a $75.00 target price (up from $66.00) on shares of Applied Digital in a research note on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Applied Digital presently has an average rating of "Moderate Buy" and an average price target of $68.15.

Applied Digital Stock Up 1.2%

Applied Digital stock opened at $29.22 on Friday. The company has a 50-day simple moving average of $35.48 and a 200-day simple moving average of $34.10. The firm has a market capitalization of $8.52 billion, a P/E ratio of -32.83 and a beta of 5.75. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01. Applied Digital has a one year low of $13.16 and a one year high of $50.72.

Applied Digital (NASDAQ:APLD - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.30). The firm had revenue of $240.35 million during the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The firm's revenue was up 406.3% on a year-over-year basis. During the same period last year, the business earned ($0.24) EPS. As a group, equities analysts expect that Applied Digital will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In other Applied Digital news, Director Richard N. Nottenburg sold 75,000 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the sale, the director directly owned 133,378 shares in the company, valued at approximately $4,154,724.70. The trade was a 35.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 9.50% of the company's stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Activest Wealth Management bought a new position in Applied Digital during the 4th quarter valued at $25,000. FNY Investment Advisers LLC bought a new stake in shares of Applied Digital in the 2nd quarter worth $37,000. Ameriflex Group Inc. bought a new stake in shares of Applied Digital in the 4th quarter worth $25,000. McMillan Office Inc. acquired a new stake in shares of Applied Digital in the fourth quarter valued at $25,000. Finally, Mcguire Capital Advisors Inc. acquired a new stake in shares of Applied Digital in the fourth quarter valued at $27,000. Institutional investors own 65.67% of the company's stock.

Applied Digital Company Profile

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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