Applied Digital (NASDAQ:APLD – Get Free Report) was upgraded by equities research analysts at Rothschild & Co Redburn to a “hold” rating in a research note issued to investors on Monday, Zacks reports.
Several other research analysts have also recently commented on APLD. Craig Hallum boosted their target price on Applied Digital from $75.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Morgan Stanley lifted 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. Zacks Research downgraded Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 26th. Wall Street Zen lowered shares of Applied Digital from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 30th. Finally, Lucid Cap Mkts upgraded shares of Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Four analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.79.
Applied Digital Stock Performance
Applied Digital (NASDAQ:APLD – Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The company had revenue of $240.35 million for the quarter, compared to analysts’ expectations of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The firm’s revenue was up 406.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.24) EPS. On average, research analysts predict that Applied Digital will post -1.09 EPS for the current fiscal year.
Insider Activity at Applied Digital
In other news, Director Richard Nottenburg sold 75,000 shares of the stock in a transaction dated 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 transaction, the director owned 133,378 shares in the company, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 9.50% of the company’s stock.
Hedge Funds Weigh In On Applied Digital
Hedge funds have recently added to or reduced their stakes in the stock. Osbon Capital Management LLC acquired a new stake in Applied Digital during the fourth quarter worth approximately $28,000. Bartlett & CO. Wealth Management LLC boosted its holdings in shares of Applied Digital by 244.3% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 1,205 shares of the company’s stock valued at $29,000 after buying an additional 855 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Applied Digital in the 2nd quarter valued at $37,000. Clearstead Advisors LLC purchased a new position in shares of Applied Digital in the 4th quarter valued at $49,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Applied Digital in the 4th quarter valued at $49,000. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
About Applied Digital
Applied Digital Corporation (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.
The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.
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