Applied Digital (NASDAQ:APLD) Rating Increased to Strong-Buy at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Applied Digital (NASDAQ:APLD) to a strong-buy rating in a research note published on Thursday,Zacks reports.

Several other equities research analysts also recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $83.00 price target on shares of Applied Digital in a research note on Tuesday, July 28th. Lucid Cap Mkts upgraded Applied Digital to a “strong-buy” rating in a research note on Wednesday, May 27th. Zacks Research lowered Applied Digital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research note on Tuesday, July 21st. Finally, Lake Street Capital increased their price target on Applied Digital from $70.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Four analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.50.

Applied Digital Stock Performance

NASDAQ:APLD opened at $26.38 on Thursday. The firm’s fifty day simple moving average is $27.71 and its 200 day simple moving average is $32.67. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 2.88. Applied Digital has a twelve month low of $19.00 and a twelve month high of $50.72. The firm has a market capitalization of $7.69 billion, a price-to-earnings ratio of -29.64 and a beta of 5.72.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Monday, July 27th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.30). The company had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The company’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 earned ($0.24) EPS. As a group, equities research analysts expect that Applied Digital will post -1.09 earnings per share for the current fiscal year.

Insider Activity at Applied Digital

In related news, Director Richard Nottenburg sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.15, for a total transaction of $2,336,250.00. Following the sale, the director directly owned 133,378 shares of the company’s stock, valued at approximately $4,154,724.70. This represents a 35.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Several institutional investors have recently added to or reduced their stakes in the business. Whitaker Myers Wealth Managers LTD. bought a new stake in shares of Applied Digital during the second quarter valued at about $1,841,000. Cambridge Investment Research Advisors Inc. grew its position in Applied Digital by 39.6% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 146,633 shares of the company’s stock valued at $5,469,000 after buying an additional 41,562 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in Applied Digital in the 1st quarter valued at about $1,970,000. Thoroughbred Financial Services LLC acquired a new position in Applied Digital during the 4th quarter valued at about $682,000. Finally, TFR Capital LLC. increased its stake in Applied Digital by 425.3% during the 1st quarter. TFR Capital LLC. now owns 372,960 shares of the company’s stock valued at $9,497,000 after buying an additional 301,954 shares during the period. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.