Applied Digital (NASDAQ:APLD) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Applied Digital (NASDAQ:APLD) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.

Several other research analysts have also weighed in on the stock. Compass Point began coverage on shares of Applied Digital in a research note on Monday, September 15th. They set a “buy” rating for the company. Lake Street Capital boosted their price target on shares of Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC boosted their price target on shares of Applied Digital from $12.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. Finally, Citigroup reissued an “outperform” rating on shares of Applied Digital in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.10.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $34.24 on Friday. The firm has a market cap of $9.58 billion, a PE ratio of -30.30 and a beta of 6.77. The firm has a fifty day moving average of $19.33 and a 200 day moving average of $12.08. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65. Applied Digital has a one year low of $3.31 and a one year high of $39.33.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.08. The company had revenue of $38.01 million during the quarter, compared to analyst estimates of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The firm’s revenue was up 84.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.15) EPS. As a group, research analysts predict that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Transactions at Applied Digital

In other news, CEO Wes Cummins sold 400,000 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $6,104,000.00. Following the sale, the chief executive officer owned 2,659,379 shares of the company’s stock, valued at approximately $40,582,123.54. This represents a 13.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mohammad Saidal Lavanw Mohmand sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $15.26, for a total transaction of $1,144,500.00. Following the completion of the sale, the chief financial officer directly owned 201,800 shares in the company, valued at approximately $3,079,468. This trade represents a 27.10% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 506,250 shares of company stock valued at $7,713,675. 9.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Several hedge funds have recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC raised its holdings in Applied Digital by 6.0% in the second quarter. Flagship Harbor Advisors LLC now owns 15,930 shares of the company’s stock valued at $160,000 after acquiring an additional 900 shares in the last quarter. Quantinno Capital Management LP increased its stake in Applied Digital by 1.6% in the second quarter. Quantinno Capital Management LP now owns 68,417 shares of the company’s stock valued at $689,000 after purchasing an additional 1,063 shares during the last quarter. Corebridge Financial Inc. increased its stake in Applied Digital by 2.0% in the first quarter. Corebridge Financial Inc. now owns 97,224 shares of the company’s stock valued at $546,000 after purchasing an additional 1,899 shares during the last quarter. Wedbush Securities Inc. increased its stake in Applied Digital by 14.8% in the first quarter. Wedbush Securities Inc. now owns 15,500 shares of the company’s stock valued at $87,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Applied Digital by 11.7% in the first quarter. Wellington Management Group LLP now owns 19,056 shares of the company’s stock valued at $107,000 after purchasing an additional 2,001 shares during the last quarter. Institutional investors and hedge funds own 65.67% 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.