Applied Digital (NASDAQ:APLD) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Applied Digital (NASDAQ:APLD) from a strong sell rating to a sell rating in a report issued on Saturday morning.

Several other equities research analysts have also commented on the company. Zacks Research raised Applied Digital from a “strong sell” rating to a “hold” rating in a research note on Monday, July 27th. Morgan Stanley raised their price objective on Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. B. Riley Financial reaffirmed a “buy” rating and set a $75.00 price objective (up from $66.00) on shares of Applied Digital in a report on Monday, August 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $83.00 target price on shares of Applied Digital in a research report on Tuesday, July 28th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.15.

Applied Digital Stock Down 1.2%

Shares of NASDAQ APLD opened at $26.89 on Friday. 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 52 week low of $13.16 and a 52 week high of $50.72. The firm has a 50-day moving average price of $32.39 and a 200 day moving average price of $33.50. The stock has a market capitalization of $7.84 billion, a price-to-earnings ratio of -30.21 and a beta of 5.75.

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

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 75,000 shares of the company’s 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 sale, the director directly owned 133,378 shares in the company, valued at $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in APLD. Activest Wealth Management acquired a new stake in shares of Applied Digital during the 4th quarter worth about $25,000. Ameriflex Group Inc. purchased a new stake in shares of Applied Digital during the fourth quarter worth about $25,000. McMillan Office Inc. purchased a new stake in shares of Applied Digital during the fourth quarter worth about $25,000. Larson Financial Group LLC raised its position in shares of Applied Digital by 56,450.0% in the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after buying an additional 1,129 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Applied Digital in the second quarter valued at approximately $26,000. Institutional investors and hedge funds 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.