Applied Digital (NASDAQ:APLD) Upgraded at Texas Capital

Applied Digital (NASDAQ:APLD) was upgraded by investment analysts at Texas Capital to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research firms also recently weighed in on APLD. HC Wainwright increased their target price on shares of Applied Digital from $20.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Wall Street Zen upgraded shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Craig Hallum upped their price target on Applied Digital to $39.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Freedom Capital raised Applied Digital to a “strong-buy” rating in a research report on Tuesday, January 6th. Finally, Roth Mkm boosted their target price on Applied Digital to $58.00 and gave the stock a “buy” rating in a research note on Thursday, January 8th. Three analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $33.27.

Applied Digital Price Performance

APLD stock opened at $35.06 on Tuesday. The stock has a market cap of $9.80 billion, a price-to-earnings ratio of -64.93 and a beta of 6.89. The company has a debt-to-equity ratio of 1.79, a current ratio of 4.82 and a quick ratio of 4.82. The company has a 50 day simple moving average of $28.25 and a 200 day simple moving average of $23.29. Applied Digital has a 1 year low of $3.31 and a 1 year high of $40.20.

Applied Digital (NASDAQ:APLD) last posted its earnings results on Wednesday, January 7th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). Applied Digital had a negative return on equity of 13.53% and a negative net margin of 43.49%.The company had revenue of $126.59 million for the quarter, compared to the consensus estimate of $82.22 million. During the same period in the previous year, the firm posted ($0.06) EPS. The business’s quarterly revenue was up 250.1% compared to the same quarter last year. Research analysts anticipate that Applied Digital will post -0.96 EPS for the current fiscal year.

Insider Activity

In other news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction on Friday, January 16th. The stock was sold at an average price of $36.42, for a total value of $6,009,300.00. Following the completion of the transaction, the chief executive officer directly owned 4,176,329 shares in the company, valued at approximately $152,101,902.18. The trade was a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mohammad Saidal Lavanw Mohmand sold 100,000 shares of the business’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $34.08, for a total value of $3,408,000.00. Following the sale, the chief financial officer owned 158,912 shares in the company, valued at approximately $5,415,720.96. The trade was a 38.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 526,641 shares of company stock valued at $18,606,039. 9.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets increased its holdings in shares of Applied Digital by 24,356.8% in the second quarter. BNP Paribas Financial Markets now owns 5,219,565 shares of the company’s stock worth $52,561,000 after purchasing an additional 5,198,223 shares during the period. Vanguard Group Inc. increased its stake in Applied Digital by 23.2% in the 3rd quarter. Vanguard Group Inc. now owns 17,722,174 shares of the company’s stock worth $406,547,000 after purchasing an additional 3,339,062 shares during the period. Two Sigma Investments LP bought a new stake in Applied Digital in the 3rd quarter worth $69,535,000. Situational Awareness LP raised its position in Applied Digital by 63.3% during the 2nd quarter. Situational Awareness LP now owns 6,591,800 shares of the company’s stock valued at $66,379,000 after purchasing an additional 2,556,200 shares during the last quarter. Finally, HRT Financial LP purchased a new position in Applied Digital during the 2nd quarter valued at $14,759,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

About Applied Digital

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.