Applied Digital Corporation (NASDAQ:APLD) Receives $22.10 Consensus PT from Brokerages

Shares of Applied Digital Corporation (NASDAQ:APLD) have been given a consensus recommendation of “Moderate Buy” by the thirteen analysts that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, eleven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $23.70.

Several equities research analysts recently weighed in on the stock. Citigroup reissued an “outperform” rating on shares of Applied Digital in a research report on Thursday, October 9th. Wall Street Zen lowered Applied Digital from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Needham & Company LLC lifted their price objective on Applied Digital from $12.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. HC Wainwright lifted their price objective on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 10th. Finally, Compass Point began coverage on shares of Applied Digital in a research note on Monday, September 15th. They issued a “buy” rating for the company.

Applied Digital Price Performance

Shares of NASDAQ:APLD opened at $33.43 on Monday. The company has a market capitalization of $9.35 billion, a PE ratio of -29.58 and a beta of 6.77. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.65 and a quick ratio of 0.65. Applied Digital has a 1-year low of $3.31 and a 1-year high of $40.20. The business has a fifty day moving average price of $22.91 and a 200-day moving average price of $13.90.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. The business had revenue of $38.01 million during the quarter, compared to analyst estimates of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. Applied Digital’s revenue was up 84.3% compared to the same quarter last year. During the same period last year, the business earned ($0.15) EPS. As a group, equities analysts expect that Applied Digital will post -0.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $1,144,500.00. Following the completion of the sale, the chief financial officer owned 201,800 shares of the company’s stock, valued at approximately $3,079,468. The trade was a 27.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Wes Cummins sold 400,000 shares of Applied Digital stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total value of $6,104,000.00. Following the completion of the sale, the chief executive officer directly owned 2,659,379 shares of the company’s stock, valued at $40,582,123.54. The trade was a 13.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 506,250 shares of company stock valued at $7,713,675. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its position in Applied Digital by 371.1% during the third quarter. Nisa Investment Advisors LLC now owns 56,629 shares of the company’s stock valued at $1,299,000 after buying an additional 44,608 shares during the period. Evolution Wealth Management Inc. grew its position in Applied Digital by 101.8% during the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock valued at $37,000 after buying an additional 807 shares during the period. Kingswood Wealth Advisors LLC bought a new stake in Applied Digital during the third quarter valued at approximately $253,000. SLT Holdings LLC grew its holdings in Applied Digital by 71.4% during the third quarter. SLT Holdings LLC now owns 30,000 shares of the company’s stock valued at $688,000 after purchasing an additional 12,500 shares during the period. Finally, CoreCap Advisors LLC grew its stake in shares of Applied Digital by 124.9% during the 3rd quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock valued at $41,000 after acquiring an additional 1,002 shares during the period. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Company Profile

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.