Applied Digital (NASDAQ:APLD) Coverage Initiated at Compass Point

Equities researchers at Compass Point began coverage on shares of Applied Digital (NASDAQ:APLD) in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Compass Point’s price target would suggest a potential upside of 54.56% from the company’s previous close.

APLD has been the subject of several other reports. Craig Hallum upped their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Wednesday, January 15th. Lake Street Capital upped their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HC Wainwright upped their target price on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Finally, Roth Mkm reiterated a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research note on Thursday, October 10th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $11.13.

Applied Digital Trading Down 27.8 %

Shares of NASDAQ:APLD opened at $6.47 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $1.44 billion, a PE ratio of -3.74 and a beta of 4.78. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25. The firm has a fifty day moving average price of $9.01 and a 200 day moving average price of $7.09.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The firm’s revenue was up 51.3% compared to the same quarter last year. During the same period last year, the business earned ($0.05) EPS. Analysts expect that Applied Digital will post -0.8 EPS for the current fiscal year.

Insider Activity

In other news, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 50,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the sale, the director now directly owns 334,317 shares in the company, valued at approximately $3,075,716.40. The trade was a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 289,369 shares of company stock worth $2,622,461. 11.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Applied Digital

Several large investors have recently made changes to their positions in the company. R Squared Ltd bought a new stake in Applied Digital during the 4th quarter worth about $36,000. Spire Wealth Management bought a new stake in Applied Digital during the 4th quarter worth about $43,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Applied Digital during the 3rd quarter worth about $59,000. KBC Group NV bought a new stake in Applied Digital during the 4th quarter worth about $55,000. Finally, Beacon Harbor Wealth Advisors Inc. bought a new stake in Applied Digital during the 3rd quarter worth about $83,000. Institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.