Applied Digital (NASDAQ:APLD) Announces Earnings Results

Applied Digital (NASDAQ:APLD) posted its quarterly earnings results on Tuesday. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.08, Briefing.com reports. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate 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 revenue was up 51.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.05) earnings per share.

Applied Digital Stock Performance

NASDAQ:APLD traded up $0.77 on Tuesday, reaching $8.54. 67,628,182 shares of the company’s stock were exchanged, compared to its average volume of 21,824,191. The stock has a fifty day simple moving average of $8.70 and a 200-day simple moving average of $6.92. Applied Digital has a 52 week low of $2.36 and a 52 week 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 firm has a market cap of $1.80 billion, a price-to-earnings ratio of -7.30 and a beta of 4.78.

Insider Activity at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $8.01, for a total value of $80,100.00. Following the completion of the transaction, the director now directly owns 208,506 shares in the company, valued at approximately $1,670,133.06. This trade represents a 4.58 % 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. Also, Director Richard N. Nottenburg sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the sale, the director now directly owns 334,317 shares in the company, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 279,369 shares of company stock worth $2,525,561. 11.81% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Craig Hallum boosted their target price on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a report on Friday, November 1st. 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 note on Thursday, October 10th. Finally, HC Wainwright upped their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $11.14.

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.