Applied Digital’s (APLD) Sell (D-) Rating Reiterated at Weiss Ratings

Weiss Ratings reissued their sell (d-) rating on shares of Applied Digital (NASDAQ:APLD) in a research note released on Friday,Weiss Ratings reports.

A number of other brokerages have also recently issued reports on APLD. Wall Street Zen cut Applied Digital from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Citigroup restated an “outperform” rating on shares of Applied Digital in a report on Thursday, October 9th. Lake Street Capital raised their target price on Applied Digital from $18.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, October 10th. B. Riley restated a “buy” rating on shares of Applied Digital in a report on Wednesday. Finally, Compass Point began coverage on Applied Digital in a report on Monday, September 15th. They set a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.70.

Applied Digital Price Performance

Applied Digital stock opened at $33.43 on Friday. The business’s 50-day simple moving average is $22.91 and its 200 day simple moving average is $13.90. The stock has a market cap of $9.35 billion, a price-to-earnings ratio of -29.58 and a beta of 6.77. Applied Digital has a 12-month low of $3.31 and a 12-month high of $40.20. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. The business had revenue of $38.01 million for the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The firm’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.15) earnings per share. As a group, research analysts anticipate that Applied Digital will post -0.96 earnings per share for the current year.

Insider Activity

In other news, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of Applied Digital stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $15.26, for a total transaction of $1,144,500.00. Following the transaction, the chief financial officer owned 201,800 shares in the company, valued at $3,079,468. The trade was a 27.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Wes Cummins sold 400,000 shares of Applied Digital stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total value of $6,104,000.00. Following the transaction, the chief executive officer owned 2,659,379 shares in the company, valued at $40,582,123.54. This trade represents a 13.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,250 shares of company stock worth $7,713,675 in the last 90 days. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of APLD. Atlantic Union Bankshares Corp acquired a new stake in Applied Digital in the 2nd quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Applied Digital in the 2nd quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new stake in Applied Digital in the 1st quarter valued at approximately $28,000. Evolution Wealth Management Inc. raised its position in Applied Digital by 101.8% in the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock valued at $37,000 after buying an additional 807 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in Applied Digital by 113.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after buying an additional 3,542 shares during the last quarter. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

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.