Applied Digital (NASDAQ:APLD) Announces Quarterly Earnings Results, Misses Expectations By $0.17 EPS

Applied Digital (NASDAQ:APLDGet Free Report) issued its quarterly earnings data on Tuesday. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.17), MarketWatch Earnings reports. The firm had revenue of $42.20 million during the quarter, compared to the consensus estimate of $54.78 million. Applied Digital had a negative net margin of 28.94% and a negative return on equity of 37.01%. During the same quarter in the prior year, the business earned ($0.05) earnings per share.

Applied Digital Stock Down 7.2 %

Shares of APLD opened at $5.13 on Thursday. The stock has a 50 day simple moving average of $6.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.22 and a current ratio of 0.22. Applied Digital has a 12-month low of $1.74 and a 12-month high of $11.62.

Insider Transactions at Applied Digital

In other news, Director Virginia Moore sold 30,000 shares of Applied Digital stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $4.64, for a total value of $139,200.00. Following the transaction, the director now owns 238,630 shares of the company’s stock, valued at approximately $1,107,243.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 90,798 shares of company stock valued at $442,614 in the last quarter. Insiders own 23.70% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently made changes to their positions in the business. Deutsche Bank AG grew its stake in shares of Applied Digital by 15.6% in the 3rd quarter. Deutsche Bank AG now owns 31,451 shares of the company’s stock worth $196,000 after purchasing an additional 4,233 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Applied Digital in the third quarter worth approximately $115,000. Royal Bank of Canada increased its position in shares of Applied Digital by 713.2% in the third quarter. Royal Bank of Canada now owns 45,312 shares of the company’s stock worth $283,000 after acquiring an additional 39,740 shares in the last quarter. Legal & General Group Plc increased its position in shares of Applied Digital by 767.1% in the third quarter. Legal & General Group Plc now owns 70,596 shares of the company’s stock worth $441,000 after acquiring an additional 62,454 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Applied Digital by 123.4% in the third quarter. AQR Capital Management LLC now owns 30,233 shares of the company’s stock worth $189,000 after acquiring an additional 16,702 shares in the last quarter. Institutional investors and hedge funds own 53.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on APLD. HC Wainwright reiterated a “buy” rating and issued a $12.00 price objective on shares of Applied Digital in a research report on Tuesday, October 10th. Needham & Company LLC cut their price objective on shares of Applied Digital from $17.50 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Roth Mkm initiated coverage on shares of Applied Digital in a research report on Tuesday, October 3rd. They set a “buy” rating and a $14.00 price target on the stock.

Check Out Our Latest Stock Analysis on APLD

About Applied Digital

(Get Free Report)

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.

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Earnings History for Applied Digital (NASDAQ:APLD)

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