Applied Digital (NASDAQ:APLD) Now Covered by Compass Point

Compass Point began coverage on shares of Applied Digital (NASDAQ:APLD) in a research report sent to investors on Tuesday, MarketBeat reports. The firm issued a buy rating and a $10.00 price target on the stock.

Several other analysts have also commented on APLD. HC Wainwright increased their price objective on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Cantor Fitzgerald decreased their price objective on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Lake Street Capital upped their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $11.13.

Applied Digital Stock Up 0.8 %

Applied Digital stock opened at $6.52 on Tuesday. The business has a fifty day moving average of $8.93 and a two-hundred day moving average of $7.09. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm has a market cap of $1.45 billion, a P/E ratio of -3.77 and a beta of 4.78. Applied Digital has a twelve month low of $2.36 and a twelve month high of $11.25.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same quarter in the prior year, the business posted ($0.05) EPS. The business’s revenue for the quarter was up 51.3% compared to the same quarter last year. On average, analysts forecast that Applied Digital will post -0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Applied Digital news, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $7.51, for a total transaction of $145,461.19. Following the sale, the director now directly owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wes Cummins sold 200,000 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 289,369 shares of company stock valued at $2,622,461. Company insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC grew its position in shares of Applied Digital by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after acquiring an additional 1,692 shares during the period. Wilmington Savings Fund Society FSB grew its position in shares of Applied Digital by 100.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares during the period. Wellington Management Group LLP grew its position in shares of Applied Digital by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock valued at $309,000 after acquiring an additional 3,040 shares during the period. R Squared Ltd acquired a new stake in shares of Applied Digital during the 4th quarter valued at about $36,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of Applied Digital by 14.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,064 shares of the company’s stock valued at $355,000 after acquiring an additional 5,423 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.

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.