Applied Digital Corporation (NASDAQ:APLD) Receives $68.15 Consensus Price Target from Brokerages

Shares of Applied Digital Corporation (NASDAQ:APLD) have been given a consensus rating of “Moderate Buy” by the seventeen ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and three have assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $68.15.

A number of research firms have recently issued reports on APLD. Needham & Company LLC reiterated a “buy” rating and issued a $83.00 price objective on shares of Applied Digital in a report on Tuesday, July 28th. Lake Street Capital upped their price target on shares of Applied Digital from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a research report on Wednesday, May 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Applied Digital in a research report on Tuesday, July 21st. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $75.00 price objective (up from $66.00) on shares of Applied Digital in a report on Monday, August 3rd.

Insiders Place Their Bets

In other Applied Digital news, Director Richard Nottenburg sold 75,000 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total value of $2,336,250.00. Following the completion of the transaction, the director directly owned 133,378 shares in the company, valued at approximately $4,154,724.70. This trade represents a 35.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. WINTON GROUP Ltd bought a new stake in Applied Digital during the second quarter valued at $209,000. Engineers Gate Manager LP bought a new stake in shares of Applied Digital during the 2nd quarter valued at about $4,350,000. Integrated Wealth Concepts LLC bought a new stake in shares of Applied Digital during the 2nd quarter valued at about $265,000. NewEdge Advisors LLC grew its stake in Applied Digital by 35.1% during the second quarter. NewEdge Advisors LLC now owns 81,134 shares of the company’s stock worth $3,026,000 after purchasing an additional 21,093 shares during the period. Finally, Steamboat Capital Partners LLC acquired a new stake in Applied Digital during the second quarter worth approximately $7,203,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Trading Up 2.5%

NASDAQ APLD opened at $26.42 on Thursday. The firm has a market cap of $7.70 billion, a P/E ratio of -29.69 and a beta of 5.72. The company has a debt-to-equity ratio of 2.88, a current ratio of 4.01 and a quick ratio of 4.01. The stock’s 50-day moving average is $28.30 and its 200-day moving average is $32.77. Applied Digital has a one year low of $17.25 and a one year high of $50.72.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Monday, July 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.30). The business had revenue of $240.35 million during the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. Applied Digital’s revenue for the quarter was up 406.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.24) earnings per share. Sell-side analysts anticipate that Applied Digital will post -1.09 earnings per share for the current fiscal year.

Applied Digital Company Profile

Applied Digital Corporation (NASDAQ:APLD) develops and operates digital infrastructure designed to support high-performance computing (HPC), artificial intelligence (AI) and other compute-intensive applications. The company provides data center capacity and related services to customers that require substantial computing power, connectivity and energy resources.

The company’s facilities are designed to support advanced computing workloads, including AI model development, cloud computing and digital asset-related applications.