Applied Digital (NASDAQ:APLD) Releases Earnings Results, Beats Estimates By $0.08 EPS

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

Applied Digital Price Performance

Applied Digital stock traded up $0.77 during midday trading on Tuesday, reaching $8.54. 67,594,736 shares of the stock were exchanged, compared to its average volume of 21,824,191. The company’s fifty day moving average is $8.70 and its 200-day moving average is $6.92. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22. Applied Digital has a 52 week low of $2.36 and a 52 week high of $11.25. The firm has a market cap of $1.80 billion, a PE ratio of -7.30 and a beta of 4.78.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Craig Hallum boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Cantor Fitzgerald initiated coverage on shares of Applied Digital in a report on Friday, December 20th. They issued an “overweight” rating and a $15.00 price target on the stock. HC Wainwright raised their price objective on shares of Applied Digital from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Lake Street Capital increased their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research note on Friday, November 1st. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $11.14.

Insider Buying and Selling at Applied Digital

In other news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $8.01, for a total transaction of $80,100.00. Following the completion of the sale, the director now owns 208,506 shares in the company, valued at approximately $1,670,133.06. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $7.51, for a total value of $145,461.19. Following the transaction, the director now directly owns 384,317 shares of the company’s stock, 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 sold a total of 279,369 shares of company stock valued at $2,525,561 in the last three months. Company insiders own 11.81% of the company’s stock.

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.