Brokerages Set Applied Digital Corporation (NASDAQ:APLD) PT at $68.15

Shares of Applied Digital Corporation (NASDAQ:APLD) have been given an average rating of “Moderate Buy” by the seventeen ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have given a buy rating and three have issued a strong buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $68.15.

APLD has been the topic of a number of research reports. Compass Point reiterated a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a report on Friday, May 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a report on Tuesday, July 21st. Citigroup restated a “market outperform” rating on shares of Applied Digital in a research report on Monday, August 3rd. B. Riley Financial reaffirmed a “buy” rating and issued a $75.00 price target (up from $66.00) on shares of Applied Digital in a report on Monday, August 3rd. Finally, Morgan Stanley increased their price objective on Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a research report on Thursday, August 6th.

Insider Activity

In other news, Director Richard N. Nottenburg sold 75,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was 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 of the company’s stock, valued at $4,154,724.70. The trade was a 35.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently modified their holdings of APLD. Cannon Capital Management Inc. acquired a new position in shares of Applied Digital in the fourth quarter worth about $3,635,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Applied Digital during the fourth quarter valued at approximately $2,674,000. Whitaker Myers Wealth Managers LTD. purchased a new stake in shares of Applied Digital in the 2nd quarter valued at approximately $1,841,000. M&T Bank Corp acquired a new position in Applied Digital in the 4th quarter worth approximately $2,232,000. Finally, TFR Capital LLC. acquired a new position in Applied Digital in the 4th quarter worth approximately $1,741,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Price Performance

Shares of Applied Digital stock opened at $27.21 on Friday. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. The company’s 50-day moving average price is $32.78 and its two-hundred day moving average price is $33.58. Applied Digital has a 52 week low of $13.16 and a 52 week high of $50.72. The stock has a market cap of $7.93 billion, a PE ratio of -30.57 and a beta of 5.75.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results 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). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The business had revenue of $240.35 million during the quarter, compared to analyst estimates of $96.85 million. During the same period in the previous year, the company posted ($0.24) earnings per share. Applied Digital’s revenue was up 406.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Applied Digital will post -1.09 EPS for the current fiscal year.

About Applied Digital

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.