Applied Digital Corporation (NASDAQ:APLD) Receives $44.33 Consensus PT from Brokerages

Applied Digital Corporation (NASDAQ:APLD) has received an average rating of “Moderate Buy” from the fifteen research firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $44.3333.

Several research firms recently commented on APLD. Citizens Jmp restated a “market outperform” rating and set a $40.00 target price on shares of Applied Digital in a research report on Thursday, April 9th. Texas Capital upgraded Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a report on Friday, April 24th. Needham & Company LLC upped their price objective on Applied Digital to $48.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Finally, Roth Mkm reiterated a “buy” rating and issued a $65.00 price objective on shares of Applied Digital in a report on Thursday, April 23rd.

Applied Digital Stock Performance

NASDAQ:APLD opened at $46.71 on Friday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.38 and a current ratio of 2.38. Applied Digital has a 52-week low of $5.51 and a 52-week high of $47.79. The firm has a market cap of $13.35 billion, a price-to-earnings ratio of -63.12 and a beta of 5.69. The business’s fifty day moving average is $30.65 and its 200 day moving average is $30.53.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, April 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.23). Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The business had revenue of $108.55 million for the quarter, compared to analysts’ expectations of $78.47 million. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. Applied Digital’s quarterly revenue was up 139.3% compared to the same quarter last year. Research analysts predict that Applied Digital will post -0.61 EPS for the current year.

Insider Transactions at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $34.98, for a total value of $349,800.00. Following the completion of the sale, the director owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. The trade was a 5.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 12,500 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.59, for a total value of $432,375.00. Following the completion of the sale, the director directly owned 208,378 shares of the company’s stock, valued at approximately $7,207,795.02. This trade represents a 5.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 35,000 shares of company stock valued at $1,182,175 over the last quarter. Company insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Noble Wealth Management PBC bought a new position in shares of Applied Digital in the 4th quarter worth approximately $25,000. Albion Financial Group UT bought a new position in shares of Applied Digital in the 4th quarter worth approximately $25,000. Activest Wealth Management purchased a new position in Applied Digital during the fourth quarter valued at $25,000. Ameriflex Group Inc. purchased a new position in Applied Digital during the fourth quarter valued at $25,000. Finally, McMillan Office Inc. purchased a new position in Applied Digital during the fourth quarter valued at $25,000. Institutional investors own 65.67% of the company’s stock.

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.