Applied Digital (NASDAQ:APLD) Announces Quarterly Earnings Results

Applied Digital (NASDAQ:APLD) released its quarterly earnings data on Tuesday. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08, Briefing.com reports. The business had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) EPS.

Applied Digital Trading Down 2.0 %

Applied Digital stock opened at $8.37 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. The company’s fifty day moving average price is $8.77 and its 200 day moving average price is $6.95. Applied Digital has a 1 year low of $2.36 and a 1 year high of $11.25.

Insider Buying and Selling at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 19,369 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $7.51, for a total value of $145,461.19. Following the completion of the transaction, the director now owns 384,317 shares in the company, valued at $2,886,220.67. The trade was a 4.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 269,369 shares of company stock valued at $2,445,461 over the last ninety days. Corporate insiders own 11.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on APLD shares. Lake Street Capital upped their price target on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Craig Hallum upped their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research report on Thursday, October 10th. HC Wainwright boosted their price target on Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Cantor Fitzgerald cut their target price on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $11.29.

About Applied Digital

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.