Applied Digital (NASDAQ:APLD) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Applied Digital (NASDAQ:APLD) from a strong sell rating to a sell rating in a report released on Saturday morning.

A number of other research firms have also weighed in on APLD. Citigroup reiterated a “market outperform” rating on shares of Applied Digital in a research note on Monday, August 3rd. Citizens Jmp upped their target price on Applied Digital from $40.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 21st. Lucid Cap Mkts raised Applied Digital to a “strong-buy” rating in a report on Wednesday, May 27th. Zacks Research raised Applied Digital from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. Finally, Northland Securities set a $82.00 price target on Applied Digital and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Three investment 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $68.15.

Applied Digital Stock Down 5.0%

APLD stock opened at $27.21 on Friday. The company has a market capitalization of $7.93 billion, a P/E ratio of -30.57 and a beta of 5.75. Applied Digital has a 12 month low of $13.16 and a 12 month high of $50.72. The firm’s fifty day simple moving average is $32.78 and its 200-day simple moving average is $33.58. The company has a debt-to-equity ratio of 2.88, a current ratio of 4.01 and a quick ratio of 4.01.

Applied Digital (NASDAQ:APLD) last issued its earnings results 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). The business had revenue of $240.35 million for the quarter, compared to analysts’ expectations of $96.85 million. Applied Digital had a negative return on equity of 16.42% and a negative net margin of 37.78%.The company’s revenue for the quarter was up 406.3% on a year-over-year basis. During the same period last year, the business earned ($0.24) EPS. As a group, equities research analysts forecast that Applied Digital will post -1.09 earnings per share for the current year.

Insider Buying and Selling at Applied Digital

In other news, Director Richard N. Nottenburg sold 75,000 shares of the 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 transaction, the director owned 133,378 shares in the company, valued at $4,154,724.70. This trade represents a 35.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 9.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in APLD. Equitec Proprietary Markets LLC purchased a new position in Applied Digital during the second quarter valued at $312,349,000. Vanguard Group Inc. grew its position in shares of Applied Digital by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 24,168,082 shares of the company’s stock valued at $592,601,000 after purchasing an additional 6,445,908 shares during the period. Value Aligned Research Advisors LLC purchased a new stake in shares of Applied Digital during the fourth quarter worth about $138,380,000. Situational Awareness LP increased its stake in shares of Applied Digital by 87.0% during the fourth quarter. Situational Awareness LP now owns 11,339,060 shares of the company’s stock worth $278,034,000 after purchasing an additional 5,274,905 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Applied Digital by 24,356.8% during 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 in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

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.