Applied Digital (NASDAQ:APLD) Cut to Strong Sell at Wall Street Zen

by · The Markets Daily

Wall Street Zen cut shares of Applied Digital (NASDAQ:APLD – Free Report) from a sell rating to a strong sell rating in a report published on Saturday morning.

Other equities research analysts also recently issued reports about the company. Compass Point reiterated a “buy” rating and issued a $70.00 price target on shares of Applied Digital in a report on Friday, May 22nd. Northland Securities set a $82.00 price objective on Applied Digital and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Lucid Cap Mkts raised shares of Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Needham & Company LLC reiterated a “buy” rating and set a $83.00 target price on shares of Applied Digital in a research note on Tuesday, July 28th. Finally, Zacks Research raised shares of Applied Digital from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Applied Digital currently has an average rating of “Moderate Buy” and an average target price of $68.15.

Check Out Our Latest Analysis on Applied Digital

Applied Digital Stock Down 0.5%

NASDAQ:APLD opened at $29.06 on Friday. The company has a debt-to-equity ratio of 2.88, a quick ratio of 4.01 and a current ratio of 4.01. The company has a market capitalization of $8.47 billion, a price-to-earnings ratio of -32.65 and a beta of 5.75. Applied Digital has a one year low of $13.16 and a one year high of $50.72. The stock has a 50-day simple moving average of $35.10 and a 200 day simple moving average of $34.03.

Applied Digital (NASDAQ:APLD – Get Free Report) last announced 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). Applied Digital had a negative net margin of 37.78% and a negative return on equity of 16.42%. The firm had revenue of $240.35 million for the quarter, compared to analyst estimates of $96.85 million. During the same quarter in the previous year, the company earned ($0.24) EPS. The company’s quarterly revenue was up 406.3% compared to the same quarter last year. Sell-side analysts predict that Applied Digital will post -1.08 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Richard N. 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cannon Capital Management Inc. purchased a new position in shares of Applied Digital in the fourth quarter valued at approximately $3,635,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Applied Digital during the fourth quarter worth approximately $2,674,000. Whitaker Myers Wealth Managers LTD. acquired a new position in Applied Digital in the 2nd quarter valued at $1,841,000. Prime Capital Investment Advisors LLC acquired a new position in Applied Digital in the 4th quarter valued at $1,284,000. Finally, M&T Bank Corp acquired a new position in Applied Digital in the 4th quarter valued at $2,232,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

(Get Free Report)

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.

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