Applied Digital (NASDAQ:APLD) Upgraded by Rothschild & Co Redburn to Hold Rating

Rothschild & Co Redburn upgraded shares of Applied Digital (NASDAQ:APLD) to a hold rating in a research report report published on Monday morning,Zacks reports.

APLD has been the topic of a number of other research reports. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Morgan Stanley boosted their price objective on Applied Digital from $36.50 to $37.50 and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Lake Street Capital raised their target price on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Citigroup reaffirmed a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Finally, B. Riley Financial reissued a “buy” rating and issued a $75.00 price objective (up from $66.00) on shares of Applied Digital in a research note on Monday, August 3rd. Four research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $62.79.

Applied Digital Trading Up 0.2%

Shares of NASDAQ:APLD opened at $28.19 on Monday. Applied Digital has a 12-month low of $19.00 and a 12-month high of $50.72. The company has a market capitalization of $8.22 billion, a PE ratio of -31.67 and a beta of 5.72. The business has a 50 day moving average of $27.64 and a two-hundred day moving average of $32.69. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88.

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

Insider Buying and Selling

In related news, Director Richard Nottenburg sold 75,000 shares of the stock in a transaction on 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 transaction, the director owned 133,378 shares of the company’s stock, valued at $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 9.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Whitaker Myers Wealth Managers LTD. acquired a new stake in shares of Applied Digital during the 2nd quarter worth $1,841,000. Cambridge Investment Research Advisors Inc. increased its stake in Applied Digital by 39.6% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 146,633 shares of the company’s stock worth $5,469,000 after acquiring an additional 41,562 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Applied Digital in the 1st quarter worth about $1,970,000. Thoroughbred Financial Services LLC purchased a new position in shares of Applied Digital in the 4th quarter worth about $682,000. Finally, TFR Capital LLC. lifted its stake in shares of Applied Digital by 425.3% in the 1st quarter. TFR Capital LLC. now owns 372,960 shares of the company’s stock valued at $9,497,000 after purchasing an additional 301,954 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.