Applied Digital (NASDAQ:APLD) Upgraded to “Strong-Buy” at Lucid Cap Mkts

Lucid Cap Mkts upgraded shares of Applied Digital (NASDAQ:APLD) to a strong-buy rating in a research report sent to investors on Wednesday,Zacks.com reports.

Other research analysts have also recently issued research reports about the stock. Compass Point reaffirmed a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a report on Friday, May 22nd. Lake Street Capital reaffirmed a “buy” rating and issued a $70.00 price target (up from $55.00) on shares of Applied Digital in a report on Thursday, May 21st. Citizens Jmp raised their price target on shares of Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a report on Thursday, May 21st. Northland Securities set a $56.00 price target on shares of Applied Digital in a report on Wednesday, January 28th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $65.00 price target on shares of Applied Digital in a report on Thursday, April 23rd. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Applied Digital presently has an average rating of “Buy” and a consensus price target of $59.11.

Applied Digital Trading Up 1.4%

NASDAQ APLD opened at $49.65 on Wednesday. The company has a fifty day simple moving average of $33.99 and a two-hundred day simple moving average of $31.31. The stock has a market cap of $14.19 billion, a P/E ratio of -67.09 and a beta of 5.69. Applied Digital has a 12-month low of $6.68 and a 12-month high of $50.73. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 1.65.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Wednesday, April 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.23). The company had revenue of $108.55 million during the quarter, compared to analysts’ expectations of $78.47 million. Applied Digital had a negative return on equity of 15.91% and a negative net margin of 52.84%.The company’s quarterly revenue was up 139.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) EPS. On average, analysts forecast that Applied Digital will post -0.61 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In related news, Director Richard N. Nottenburg sold 12,500 shares of the firm’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $34.59, for a total transaction of $432,375.00. Following the completion of the transaction, the director owned 208,378 shares of the company’s stock, valued at $7,207,795.02. This trade represents a 5.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas S. Miller sold 10,000 shares of the firm’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.98, for a total transaction of $349,800.00. Following the transaction, the director directly owned 184,859 shares of the company’s stock, valued at approximately $6,466,367.82. This trade represents a 5.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 35,000 shares of company stock valued at $1,182,175. 9.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Noble Wealth Management PBC purchased a new position in Applied Digital in the fourth quarter valued at $25,000. Albion Financial Group UT purchased a new position in Applied Digital in the fourth quarter valued at $25,000. Activest Wealth Management purchased a new position in Applied Digital in the fourth quarter valued at $25,000. Ameriflex Group Inc. purchased a new position in Applied Digital in the fourth quarter valued at $25,000. Finally, McMillan Office Inc. purchased a new position in Applied Digital in the fourth quarter valued at $25,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.