Applied Digital Corporation (NASDAQ:APLD) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Applied Digital Corporation (NASDAQ:APLD) have been given a consensus rating of “Moderate Buy” by the seventeen analysts that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $68.15.

A number of brokerages have recently weighed in on APLD. Citigroup restated a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research report on Tuesday, July 21st. Morgan Stanley boosted their target price on shares of Applied Digital from $36.50 to $37.50 and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. Compass Point restated a “buy” rating and issued a $70.00 target price on shares of Applied Digital in a research note on Friday, May 22nd. Finally, Lake Street Capital lifted their price target on Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th.

Applied Digital Price Performance

Shares of APLD opened at $24.58 on Thursday. The company has a 50 day moving average of $28.12 and a two-hundred day moving average of $32.75. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 2.88. Applied Digital has a twelve month low of $18.65 and a twelve month high of $50.72. The company has a market cap of $7.16 billion, a price-to-earnings ratio of -27.62 and a beta of 5.72.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Monday, July 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The business had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The business’s revenue for the quarter was up 406.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.24) earnings per share. As a group, analysts predict that Applied Digital will post -1.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Richard Nottenburg sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the completion of the transaction, the director directly owned 133,378 shares in the company, valued at $4,154,724.70. This trade represents a 35.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 9.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Applied Digital

Institutional investors have recently bought and sold shares of the business. WINTON GROUP Ltd purchased a new stake in shares of Applied Digital in the 2nd quarter valued at $209,000. Engineers Gate Manager LP purchased a new position in shares of Applied Digital during the second quarter worth $4,350,000. Integrated Wealth Concepts LLC purchased a new position in shares of Applied Digital during the second quarter worth $265,000. NewEdge Advisors LLC lifted its position in Applied Digital by 35.1% during the second quarter. NewEdge Advisors LLC now owns 81,134 shares of the company’s stock valued at $3,026,000 after purchasing an additional 21,093 shares during the period. Finally, Steamboat Capital Partners LLC purchased a new stake in Applied Digital in the second quarter valued at $7,203,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Company Profile

Applied Digital Corporation (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.

The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.