Applied Digital (NASDAQ:APLD) Issues Earnings Results

Applied Digital (NASDAQ:APLD) issued its earnings results on Tuesday. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08, Briefing.com reports. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The company had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. During the same period in the prior year, the business earned ($0.05) EPS. The firm’s quarterly revenue was up 51.3% on a year-over-year basis.

Applied Digital Stock Down 2.0 %

NASDAQ:APLD opened at $8.37 on Thursday. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.25. The stock’s fifty day moving average is $8.77 and its two-hundred day moving average is $6.95. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22.

Analyst Ratings Changes

APLD has been the subject of a number of analyst reports. Roth Mkm reissued a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum increased their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HC Wainwright raised their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday. Cantor Fitzgerald decreased their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Wednesday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital currently has an average rating of “Buy” and an average price target of $11.29.

Insider Activity

In other news, Director Richard N. Nottenburg sold 19,369 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the transaction, the director now owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 269,369 shares of company stock valued at $2,445,461. 11.81% of the stock is currently owned by corporate insiders.

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.