Applied Digital Corporation (APLD) Receives a Buy from Lake Street

Lake Street analyst Robert Brown maintained a Buy rating on Applied Digital Corporation (APLD – Research Report) today and set a price target of $19.00. The company’s shares closed yesterday at $3.13.

Brown covers the Industrials sector, focusing on stocks such as Enviri, Babcock & Wilcox Company, and Chart Industries. According to TipRanks, Brown has an average return of 18.1% and a 55.90% success rate on recommended stocks.

Currently, the analyst consensus on Applied Digital Corporation is a Strong Buy with an average price target of $12.83, a 310.56% upside from current levels. In a report released on April 5, B.Riley Financial also maintained a Buy rating on the stock with a $8.00 price target.

Based on Applied Digital Corporation’s latest earnings release for the quarter ending November 30, the company reported a quarterly revenue of $42.2 million and a GAAP net loss of $10.53 million. In comparison, last year the company earned a revenue of $22.04 million and had a GAAP net loss of $6.02 million

Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of APLD in relation to earlier this year.

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Applied Digital Corporation (APLD) Company Description:

Applied Science Products, Inc. operates as a technology company, which engages in the development of patented technology such as tailored plasma gas chemistry for a wide range of applications. The company was founded in May 2001 and is headquartered in Lenoir City, TN.