Applied Digital Co. (OTCMKTS:APLD) Given Consensus Rating of “Buy” by Brokerages

Applied Digital Co. (OTCMKTS:APLD – Get Rating) has earned a consensus recommendation of “Buy” from the seven analysts that are covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $6.31.

A number of analysts have weighed in on the company. HC Wainwright assumed coverage on Applied Digital in a research note on Thursday, December 22nd. They issued a “buy” rating and a $4.00 target price on the stock. Needham & Company LLC reduced their target price on Applied Digital from $5.50 to $3.70 and set a “buy” rating on the stock in a research note on Friday, January 13th. Lake Street Capital reduced their target price on Applied Digital from $10.00 to $6.00 in a research note on Wednesday, October 12th. Finally, B. Riley reduced their target price on Applied Digital from $8.00 to $7.00 in a research note on Tuesday, January 10th.

Applied Digital Stock Performance

OTCMKTS:APLD opened at $2.42 on Friday. The stock’s fifty day moving average is $1.97 and its 200 day moving average is $1.95. Applied Digital has a fifty-two week low of $0.85 and a fifty-two week high of $27.12. The firm has a market capitalization of $228.63 million, a PE ratio of -4.84 and a beta of 5.05. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30.

Applied Digital (OTCMKTS:APLD – Get Rating) last released its quarterly earnings results on Monday, January 9th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Applied Digital had a negative return on equity of 24.36% and a negative net margin of 145.35%. The company had revenue of $12.34 million for the quarter, compared to analyst estimates of $12.36 million. On average, sell-side analysts anticipate that Applied Digital will post -0.38 earnings per share for the current year.

Insider Activity

In other news, CEO Wes Cummins purchased 20,000 shares of the business’s stock in a transaction dated Monday, October 24th. The shares were purchased at an average price of $2.04 per share, for a total transaction of $40,800.00. Following the completion of the purchase, the chief executive officer now owns 890,686 shares in the company, valued at approximately $1,816,999.44. The purchase was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Wes Cummins acquired 20,000 shares of the company’s stock in a transaction that occurred on Monday, October 24th. The shares were bought at an average price of $2.04 per share, with a total value of $40,800.00. Following the completion of the transaction, the chief executive officer now directly owns 890,686 shares in the company, valued at $1,816,999.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Regina Ingel sold 14,500 shares of the firm’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $2.14, for a total value of $31,030.00. Following the sale, the chief marketing officer now directly owns 9,892 shares in the company, valued at approximately $21,168.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 485,000 shares of company stock worth $1,053,750. Company insiders own 28.90% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Institutional investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC bought a new stake in Applied Digital during the second quarter valued at about $26,000. Renaissance Technologies LLC bought a new stake in Applied Digital during the second quarter valued at about $30,000. Virtu Financial LLC boosted its position in Applied Digital by 89.4% during the third quarter. Virtu Financial LLC now owns 20,516 shares of the company’s stock valued at $35,000 after purchasing an additional 9,682 shares in the last quarter. UBS Group AG bought a new stake in Applied Digital during the third quarter valued at about $36,000. Finally, KCL Capital L.P. acquired a new stake in Applied Digital in the second quarter worth about $42,000. Institutional investors own 48.42% of the company’s stock.

About Applied Digital

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Applied Digital Corp. operates as a technology company, which engages in the development and operation of data centers which provide computing power. The company was founded in May 2001 and is headquartered in Dallas, TX.