Applied Digital Corporation (NASDAQ:APLD) Receives $12.73 Average PT from Analysts

Shares of Applied Digital Corporation (NASDAQ:APLD) have received an average rating of “Buy” from the thirteen brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, eleven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $12.73.

APLD has been the topic of a number of research analyst reports. HC Wainwright raised their target price on shares of Applied Digital from $7.00 to $12.00 and gave the company a “buy” rating in a research 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 on the stock in a report on Tuesday, April 15th. Citigroup reaffirmed an “outperform” rating on shares of Applied Digital in a report on Tuesday, June 3rd. Craig Hallum lifted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research note on Monday, June 2nd.

Insider Activity at Applied Digital

In related 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 transaction of $169,484.00. Following the transaction, the director now directly owns 83,613 shares of the company’s stock, valued at $585,291. This represents a 22.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. acquired a new stake in Applied Digital in the first quarter valued at approximately $28,000. US Bancorp DE bought a new position in shares of Applied Digital in the 4th quarter worth $37,000. Geneos Wealth Management Inc. grew its position in Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after purchasing an additional 3,542 shares during the period. Jones Financial Companies Lllp acquired a new stake in Applied Digital in the 4th quarter valued at $39,000. Finally, Amalgamated Bank increased its stake in Applied Digital by 113.3% during the 4th quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock valued at $50,000 after purchasing an additional 3,473 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Price Performance

Applied Digital stock opened at $10.33 on Tuesday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 0.70. Applied Digital has a 52 week low of $3.01 and a 52 week high of $15.42. The stock has a market capitalization of $2.32 billion, a P/E ratio of -7.54 and a beta of 6.08. The stock has a fifty day moving average of $7.38 and a 200-day moving average of $7.66.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). Applied Digital had a negative return on equity of 77.49% and a negative net margin of 109.99%. The business had revenue of $52.92 million for the quarter, compared to analyst estimates of $62.91 million. During the same period in the previous year, the firm posted ($0.24) EPS. On average, sell-side analysts expect that Applied Digital will post -0.96 earnings per share for the current fiscal year.

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.