Applied Digital Co. (OTCMKTS:APLD – Get Rating) – Research analysts at B. Riley cut their FY2023 EPS estimates for Applied Digital in a note issued to 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 forecast 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 quarterly earnings results on Monday, January 9th. The company reported ($0.05) EPS for the quarter, topping 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 firm had revenue of $12.34 million during the quarter, compared to analyst estimates of $12.36 million.

APLD has been the subject of several other research reports. HC Wainwright began coverage on shares of Applied Digital in a research report on Thursday, December 22nd. They issued a "buy" rating and a $4.00 price objective for the company. Needham & Company LLC decreased their target price on shares of Applied Digital from $5.50 to $3.70 and set a "buy" rating for the company in a research note on Friday, January 13th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $6.31.

Applied Digital Stock Performance

Applied Digital stock opened at $1.96 on Thursday. Applied Digital has a 52-week low of $0.85 and a 52-week high of $27.12. The firm has a fifty day moving average of $2.62 and a 200-day moving average of $2.21. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30.

Institutional Trading of Applied Digital

Large investors have recently modified their holdings of the company. Amalgamated Bank increased its stake in Applied Digital by 65.4% during 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 period. Renaissance Technologies LLC acquired a new position in Applied Digital during the 2nd quarter valued at about $30,000. The Manufacturers Life Insurance Company acquired a new position in Applied Digital during the 4th quarter valued at about $31,000. Barclays PLC increased its stake in Applied Digital by 5,204.1% during the 4th quarter. Barclays PLC now owns 18,140 shares of the company's stock valued at $33,000 after buying an additional 17,798 shares during the period. Finally, Virtu Financial LLC increased its stake in Applied Digital by 89.4% during 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 period. Institutional investors and hedge funds own 48.42% of the company's stock.

Insider Transactions at Applied Digital

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

Applied Digital Company Profile

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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.

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