Brokerages Set Applied Digital Corporation (NASDAQ:APLD) Target Price at $27.00

Applied Digital Corporation (NASDAQ:APLD) has earned an average recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, eleven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $27.00.

Several brokerages have recently commented on APLD. Northland Securities restated an “outperform” rating and issued a $40.00 price objective on shares of Applied Digital in a report on Tuesday, December 30th. Needham & Company LLC restated a “buy” rating and set a $41.00 price target on shares of Applied Digital in a research note on Wednesday, October 29th. HC Wainwright raised their price target on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Lake Street Capital reiterated a “buy” rating and issued a $45.00 price objective on shares of Applied Digital in a report on Tuesday, December 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th.

Insider Buying and Selling at Applied Digital

In other news, Director Chuck Hastings sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $34.27, for a total value of $856,750.00. Following the completion of the transaction, the director owned 426,612 shares of the company’s stock, valued at approximately $14,619,993.24. This trade represents a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Mohammad Saidal Lavanw Mohmand sold 37,503 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The stock was sold at an average price of $36.47, for a total transaction of $1,367,734.41. Following the sale, the chief financial officer directly owned 121,409 shares in the company, valued at approximately $4,427,786.23. The trade was a 23.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 328,035 shares of company stock valued at $11,376,479. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Applied Digital

Several hedge funds have recently modified their holdings of APLD. Noble Wealth Management PBC acquired a new position in Applied Digital during the 4th quarter worth $25,000. Larson Financial Group LLC boosted its stake in shares of Applied Digital by 56,450.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,131 shares of the company’s stock valued at $26,000 after buying an additional 1,129 shares during the period. Dagco Inc. purchased a new position in shares of Applied Digital in the 3rd quarter valued at about $27,000. GAMMA Investing LLC grew its position in shares of Applied Digital by 87.5% during the fourth quarter. GAMMA Investing LLC now owns 1,376 shares of the company’s stock worth $34,000 after buying an additional 642 shares in the last quarter. Finally, Evolution Wealth Management Inc. increased its stake in shares of Applied Digital by 101.8% during the third quarter. Evolution Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $37,000 after buying an additional 807 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Stock Performance

Shares of Applied Digital stock opened at $30.20 on Friday. The firm has a market cap of $8.43 billion, a PE ratio of -26.73 and a beta of 6.89. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.29. Applied Digital has a 52 week low of $3.31 and a 52 week high of $40.20. The business’s fifty day simple moving average is $27.49 and its 200-day simple moving average is $21.28.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. The firm 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%. Applied Digital’s revenue was up 84.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.15) EPS. Equities analysts forecast that Applied Digital will post -0.96 earnings per share for the current year.

Applied Digital Company Profile

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.