Wall Street Zen downgraded shares of Applied Digital (NASDAQ:APLD – Free Report) from a sell rating to a strong sell rating in a report published on Sunday morning,Wall Street Zen reports.
A number of other equities research analysts have also recently weighed in on the company. Craig Hallum lifted their price objective on Applied Digital from $75.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Morgan Stanley raised their target price on Applied Digital from $36.50 to $37.50 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research report on Tuesday, July 21st. Finally, B. Riley Financial reiterated a “buy” rating and set a $75.00 price target (up from $66.00) on shares of Applied Digital in a research note on Monday, August 3rd. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.15.
Check Out Our Latest Research Report on Applied Digital
Applied Digital Stock Performance
Applied Digital (NASDAQ:APLD – Get Free Report) last announced its earnings results on Monday, July 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The firm had revenue of $240.35 million during the quarter, compared to analysts’ expectations of $96.85 million. During the same period in the previous year, the firm earned ($0.24) EPS. The firm’s revenue for the quarter was up 406.3% compared to the same quarter last year. Equities research analysts forecast that Applied Digital will post -1.09 EPS for the current year.
Insider Activity 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 transaction of $2,336,250.00. Following the sale, the director owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.50% of the stock is currently owned by company insiders.
Institutional Trading of Applied Digital
Hedge funds have recently modified their holdings of the stock. Whitaker Myers Wealth Managers LTD. acquired a new stake in shares of Applied Digital in the 2nd quarter valued at $1,841,000. International Assets Investment Management LLC purchased a new position in Applied Digital in the fourth quarter valued at $1,410,000. Cambridge Investment Research Advisors Inc. raised its stake in Applied Digital by 39.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 146,633 shares of the company’s stock valued at $5,469,000 after buying an additional 41,562 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in Applied Digital in the first quarter valued at $1,970,000. Finally, Vanguard Group Inc. lifted its holdings in Applied Digital by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock worth $592,601,000 after buying an additional 6,445,908 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.
Applied Digital Company Profile
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.
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