Applied Digital Corporation (NASDAQ:APLD) Receives $26.20 Consensus Target Price from Analysts

Applied Digital Corporation (NASDAQ:APLD) has been assigned an average rating of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eleven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $26.20.

Several brokerages have recently commented on APLD. Lake Street Capital upped their target price on Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a report on Friday, October 10th. Craig Hallum upped their price objective on shares of Applied Digital to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Compass Point began coverage on shares of Applied Digital in a report on Monday, September 15th. They issued a “buy” rating for the company. Wall Street Zen lowered shares of Applied Digital from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Finally, B. Riley restated a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd.

Insider Buying and Selling

In other news, CFO Mohammad Saidal Lavanw Mohmand sold 37,503 shares of the firm’s stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $36.47, for a total value of $1,367,734.41. Following the completion of the sale, the chief financial officer owned 121,409 shares of the company’s stock, valued at $4,427,786.23. This trade represents a 23.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Ella G. Benson sold 42,569 shares of the company’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total value of $1,502,685.70. Following the transaction, the director directly owned 69,256 shares in the company, valued at $2,444,736.80. The trade was a 38.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 823,035 shares of company stock valued at $18,930,179. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

A number of hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC grew its position in Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after purchasing an additional 1,129 shares in the last quarter. Dagco Inc. purchased a new stake in Applied Digital in the 3rd quarter worth approximately $27,000. Evolution Wealth Management Inc. boosted its stake in shares of Applied Digital by 101.8% during 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 period. CoreCap Advisors LLC boosted its stake in shares of Applied Digital by 124.9% during the 3rd quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock valued at $41,000 after buying an additional 1,002 shares during the period. Finally, RiverPark Advisors LLC purchased a new position in shares of Applied Digital during the 3rd quarter valued at $51,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

Applied Digital Trading Down 0.4%

Applied Digital stock opened at $22.84 on Friday. The firm has a market cap of $6.50 billion, a price-to-earnings ratio of -20.21 and a beta of 6.77. Applied Digital has a 1 year low of $3.31 and a 1 year high of $40.20. The firm’s 50 day moving average price is $27.83 and its two-hundred day moving average price is $17.01. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. The company had revenue of $64.22 million during the quarter, compared to the consensus estimate of $52.25 million. Applied Digital had a negative return on equity of 37.14% and a negative net margin of 111.29%.The company’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.15) EPS. On average, research analysts predict that Applied Digital will post -0.96 EPS for the current fiscal year.

About Applied Digital

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.