Applied Digital Co. Forecasted to Earn FY2023 Earnings of ($0.37) Per Share (OTCMKTS:APLD)

Applied Digital Co. (OTCMKTS:APLD – Get Rating) – Analysts at B. Riley reduced their FY2023 earnings per share estimates for Applied Digital in a research report issued to clients and investors on Tuesday, March 14th. B. Riley analyst L. Pipes now forecasts that the company will post earnings of ($0.37) per share for the year, down from their prior estimate of ($0.34). The consensus estimate for Applied Digital’s current full-year earnings is ($0.38) per share. B. Riley also issued estimates for Applied Digital’s Q4 2023 earnings at $0.00 EPS and FY2024 earnings at $0.57 EPS.

Applied Digital (OTCMKTS:APLD – Get Rating) last issued its 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 net margin of 145.35% and a negative return on equity of 24.36%. The business had revenue of $12.34 million for the quarter, compared to analyst estimates of $12.36 million.

A number of other equities analysts have also recently issued reports on the company. HC Wainwright initiated coverage on Applied Digital in a report on Thursday, December 22nd. They issued a “buy” rating and a $4.00 target price for the company. Needham & Company LLC dropped their target price on Applied Digital from $5.50 to $3.70 and set a “buy” rating for the company in a report on Friday, January 13th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $6.31.

Applied Digital Trading Up 1.5 %

Shares of APLD opened at $1.99 on Thursday. Applied Digital has a 1 year low of $0.85 and a 1 year high of $27.12. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. The stock has a 50 day simple moving average of $2.63 and a 200-day simple moving average of $2.20. The stock has a market cap of $188.00 million, a PE ratio of -3.98 and a beta of 5.01.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Amalgamated Bank boosted its position in Applied Digital by 65.4% in the 4th quarter. Amalgamated Bank now owns 14,414 shares of the company’s stock valued at $27,000 after buying an additional 5,697 shares during the last quarter. Alliancebernstein L.P. boosted its position in Applied Digital by 3.8% in the 4th quarter. Alliancebernstein L.P. now owns 158,600 shares of the company’s stock valued at $292,000 after buying an additional 5,800 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in Applied Digital by 1.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 560,225 shares of the company’s stock valued at $1,031,000 after buying an additional 7,000 shares during the last quarter. Vanguard Group Inc. boosted its position in Applied Digital by 25.6% in the 3rd quarter. Vanguard Group Inc. now owns 36,112 shares of the company’s stock valued at $61,000 after buying an additional 7,353 shares during the last quarter. Finally, Virtu Financial LLC boosted its position in Applied Digital by 89.4% in the 3rd quarter. Virtu Financial LLC now owns 20,516 shares of the company’s stock valued at $35,000 after buying an additional 9,682 shares during the last quarter. 48.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Applied Digital news, CEO Wes Cummins purchased 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 17th. The shares were acquired at an average cost of $2.25 per share, for a total transaction of $112,500.00. Following the transaction, the chief executive officer now directly owns 1,600,686 shares in the company, valued at $3,601,543.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Applied Digital news, Director Chuck Hastings purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The shares were acquired at an average cost of $2.59 per share, for a total transaction of $25,900.00. Following the transaction, the director now directly owns 464,500 shares in the company, valued at $1,203,055. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wes Cummins purchased 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 17th. The shares were acquired at an average price of $2.25 per share, for a total transaction of $112,500.00. Following the completion of the transaction, the chief executive officer now owns 1,600,686 shares in the company, valued at $3,601,543.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 310,000 shares of company stock worth $817,400 in the last three months. Insiders own 28.90% 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.