Applied Digital (NASDAQ:APLD) Announces Quarterly Earnings Results

Applied Digital (NASDAQ:APLD) released its quarterly earnings data on Tuesday. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.08, Briefing.com reports. The company had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) earnings per share.

Applied Digital Stock Performance

Shares of APLD opened at $8.54 on Wednesday. The stock has a market capitalization of $1.80 billion, a PE ratio of -7.30 and a beta of 4.78. Applied Digital has a 12-month low of $2.36 and a 12-month high of $11.25. The business’s fifty day moving average price is $8.74 and its 200 day moving average price is $6.94. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Analysts Set New Price Targets

APLD has been the subject of several recent research reports. Craig Hallum increased their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Lake Street Capital boosted their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Wednesday. Cantor Fitzgerald began coverage on shares of Applied Digital in a report on Friday, December 20th. They issued an “overweight” rating and a $15.00 price objective on the stock. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital presently has an average rating of “Buy” and a consensus target price of $11.14.

Insider Transactions at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the sale, the director now owns 208,506 shares in the company, valued at approximately $1,670,133.06. The trade was a 4.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 279,369 shares of company stock worth $2,525,561. Insiders own 11.81% of the company’s stock.

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.