Applied Digital (NASDAQ:APLD) Given "Neutral" Rating at Compass Point

Applied Digital (NASDAQ:APLD - Get Free Report)'s stock had its "neutral" rating reiterated by analysts at Compass Point in a research note issued on Monday, Marketbeat Ratings reports. They presently have a $13.00 price target on the stock, up from their prior price target of $10.00. Compass Point's price objective points to a potential upside of 3.92% from the stock's previous close.

APLD has been the subject of several other reports. Citizens Jmp raised shares of Applied Digital to a "strong-buy" rating and set a $12.00 target price for the company in a research note on Thursday, May 22nd. HC Wainwright upped their price target on Applied Digital from $7.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Cantor Fitzgerald cut their price objective on Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Finally, JMP Securities upped their target price on Applied Digital from $12.00 to $18.00 and gave the company a "market outperform" rating in a report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $12.73.

Applied Digital Price Performance

APLD traded up $0.46 during trading on Monday, reaching $12.51. The stock had a trading volume of 74,584,229 shares, compared to its average volume of 39,413,359. The stock has a 50 day moving average of $6.56 and a two-hundred day moving average of $7.61. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of -7.23 and a beta of 6.08. Applied Digital has a 1-year low of $3.01 and a 1-year high of $15.42.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted 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 return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $52.92 million during the quarter, compared to the consensus estimate of $62.91 million. During the same period in the prior year, the firm posted ($0.24) EPS. As a group, equities analysts anticipate that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Activity

In other Applied Digital news, Director Rachel H. Lee sold 24,212 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $7.00, for a total transaction of $169,484.00. Following the completion of the sale, the director now directly owns 83,613 shares in the company, valued at approximately $585,291. This trade represents a 22.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

A number of hedge funds have recently made changes to their positions in the stock. Vontobel Holding Ltd. increased its stake in Applied Digital by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company's stock valued at $128,000 after buying an additional 1,500 shares during the period. Corebridge Financial Inc. grew its holdings in shares of Applied Digital by 2.0% during the 1st quarter. Corebridge Financial Inc. now owns 97,224 shares of the company's stock valued at $546,000 after acquiring an additional 1,899 shares in the last quarter. Wilmington Savings Fund Society FSB grew its holdings in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after acquiring an additional 2,000 shares in the last quarter. Wedbush Securities Inc. increased its stake in shares of Applied Digital by 14.8% in the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company's stock worth $87,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Applied Digital by 11.7% during the first quarter. Wellington Management Group LLP now owns 19,056 shares of the company's stock worth $107,000 after acquiring an additional 2,001 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.