Applied Digital (NASDAQ:APLD) Releases Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Applied Digital (NASDAQ:APLD) posted its quarterly earnings data on Wednesday. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13, Briefing.com reports. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. The business had revenue of $60.70 million during the quarter, compared to analyst estimates of $54.85 million. During the same period last year, the company earned ($0.10) EPS. The company’s revenue for the quarter was up 67.2% on a year-over-year basis.

Applied Digital Trading Down 6.9 %

Shares of Applied Digital stock opened at $6.89 on Friday. The business has a 50 day simple moving average of $5.48 and a two-hundred day simple moving average of $4.77. Applied Digital has a 12 month low of $2.36 and a 12 month high of $8.78. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08.

Wall Street Analysts Forecast Growth

Several research firms have commented on APLD. HC Wainwright restated a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a report on Thursday, August 29th. Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a research report on Thursday. B. Riley boosted their price target on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Craig Hallum boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Thursday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $9.67.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the completion of the transaction, the director now owns 218,506 shares of the company’s stock, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 20.50% of the company’s stock.

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.