Analysts Set Applied Digital Corporation (NASDAQ:APLD) Target Price at $26.20

by · The Markets Daily

Applied Digital Corporation (NASDAQ:APLD – Get Free Report) has been assigned a consensus rating of “Moderate Buy” from the thirteen brokerages that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $26.20.

Several research analysts have recently issued reports on the stock. Lake Street Capital boosted their price objective on Applied Digital from $18.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Northland Securities increased their price objective on shares of Applied Digital to $40.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Applied Digital in a research report on Wednesday, October 8th. Craig Hallum increased their target price on Applied Digital to $39.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $41.00 target price on shares of Applied Digital in a research report on Wednesday, October 29th.

Check Out Our Latest Report on Applied Digital

Applied Digital Price Performance

Shares of APLD opened at $30.76 on Tuesday. The firm has a market cap of $8.59 billion, a PE ratio of -27.22 and a beta of 6.94. The firm’s 50 day moving average price is $29.82 and its 200 day moving average price is $19.37. 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 twelve month low of $3.31 and a twelve month high of $40.20.

Applied Digital (NASDAQ:APLD – Get Free Report) last released its quarterly earnings results on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. The company had revenue of $64.22 million for 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 company’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.15) earnings per share. As a group, research analysts expect that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Activity

In other news, Director Ella G. Benson sold 42,569 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total value of $1,502,685.70. Following the transaction, the director owned 69,256 shares of the company’s stock, valued at approximately $2,444,736.80. This trade represents a 38.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 34,375 shares of the stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $33.23, for a total transaction of $1,142,281.25. Following the completion of the transaction, the director owned 263,612 shares in the company, valued at $8,759,826.76. This represents a 11.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 328,035 shares of company stock worth $11,376,479. 9.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Larson Financial Group LLC increased its position in shares of Applied Digital by 56,450.0% during the third quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock worth $26,000 after acquiring an additional 1,129 shares in the last quarter. Dagco Inc. bought a new position in Applied Digital during the 3rd quarter worth $27,000. Evolution Wealth Management Inc. grew its position in shares of Applied Digital by 101.8% during the 3rd quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares in the last quarter. Allworth Financial LP increased its stake in Applied Digital by 70.0% during the 3rd quarter. Allworth Financial LP now owns 1,746 shares of the company’s stock worth $40,000 after acquiring an additional 719 shares during the period. Finally, CoreCap Advisors LLC lifted its position in Applied Digital by 124.9% during the third quarter. CoreCap Advisors LLC now owns 1,804 shares of the company’s stock worth $41,000 after purchasing an additional 1,002 shares during the period. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Company Profile

(Get Free Report)

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.

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