Applied Digital Co. (NASDAQ:APLD) Expected to Earn FY2024 Earnings of ($1.05) Per Share

Applied Digital Co. (NASDAQ:APLD) – Analysts at Roth Capital upped their FY2024 earnings estimates for Applied Digital in a report released on Tuesday, July 9th. Roth Capital analyst D. Aftahi now expects that the company will earn ($1.05) per share for the year, up from their prior forecast of ($1.26). The consensus estimate for Applied Digital’s current full-year earnings is ($0.98) per share. Roth Capital also issued estimates for Applied Digital’s Q4 2024 earnings at ($0.28) EPS and Q1 2025 earnings at ($0.51) EPS.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Thursday, April 11th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.40). Applied Digital had a negative net margin of 61.84% and a negative return on equity of 75.46%. The company had revenue of $43.35 million for the quarter, compared to analyst estimates of $50.36 million.

APLD has been the topic of a number of other research reports. Lake Street Capital lowered their target price on Applied Digital from $19.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research note on Wednesday. Roth Mkm reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $5.00 target price on shares of Applied Digital in a research report on Wednesday, June 12th. Finally, B. Riley raised their price target on shares of Applied Digital from $6.00 to $8.00 and gave the company a “buy” rating in a report on Friday, June 28th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $8.40.

Applied Digital Trading Up 5.4 %

NASDAQ APLD opened at $6.20 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.90. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.07. The firm’s fifty day simple moving average is $4.89 and its 200-day simple moving average is $4.71. The company has a market capitalization of $850.70 million, a PE ratio of -7.85 and a beta of 4.56.

Hedge Funds Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC raised its holdings in Applied Digital by 380.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,017 shares of the company’s stock worth $54,000 after acquiring an additional 6,347 shares during the period. Capstone Investment Advisors LLC bought a new position in shares of Applied Digital in the fourth quarter worth about $78,000. Principal Financial Group Inc. acquired a new position in shares of Applied Digital during the 1st quarter worth about $50,000. ICA Group Wealth Management LLC acquired a new stake in Applied Digital in the 4th quarter valued at approximately $81,000. Finally, Chesapeake Capital Corp IL bought a new position in Applied Digital in the 4th quarter worth approximately $86,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.