Applied Digital Co. (NASDAQ:APLD) Receives $11.14 Average Target Price from Analysts

Shares of Applied Digital Co. (NASDAQ:APLD) have been assigned an average rating of “Buy” from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a buy rating. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $11.14.

Several research firms have recently weighed in on APLD. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. HC Wainwright boosted their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. B. Riley increased their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Lake Street Capital boosted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th.

Applied Digital Stock Down 5.0 %

Shares of APLD stock opened at $7.97 on Tuesday. Applied Digital has a one year low of $2.36 and a one year high of $11.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The stock has a fifty day moving average price of $8.53 and a 200 day moving average price of $6.72. The stock has a market cap of $1.68 billion, a P/E ratio of -6.81 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last released its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.10) EPS. Analysts predict that Applied Digital will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Richard N. Nottenburg sold 80,000 shares of Applied Digital stock in a transaction on Monday, October 14th. The stock was sold at an average price of $7.37, for a total value of $589,600.00. Following the completion of the sale, the director now directly owns 433,686 shares of the company’s stock, valued at approximately $3,196,265.82. This trade represents a 15.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $8.01, for a total value of $80,100.00. Following the sale, the director now owns 208,506 shares of the company’s stock, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 359,369 shares of company stock worth $3,115,161 in the last 90 days. Corporate insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in shares of Applied Digital by 36.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock valued at $7,419,000 after acquiring an additional 240,554 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Applied Digital during the third quarter worth $545,000. Barclays PLC lifted its stake in Applied Digital by 736.8% in the third quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after buying an additional 428,428 shares during the period. Virtu Financial LLC acquired a new stake in shares of Applied Digital in the 3rd quarter valued at approximately $2,030,000. Finally, B. Riley Wealth Advisors Inc. boosted its stake in Applied Digital by 66.1% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after acquiring an additional 308,223 shares during the last quarter. 65.67% of the stock is owned by institutional investors.

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.