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

Applied Digital (NASDAQ:APLD) issued its earnings results on Tuesday. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.08, Briefing.com reports. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $63.87 million for the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter last year, the company earned ($0.05) earnings per share. The firm’s revenue was up 51.3% compared to the same quarter last year.

Applied Digital Price Performance

Shares of NASDAQ APLD opened at $8.54 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.25. The company has a market cap of $1.80 billion, a PE ratio of -7.30 and a beta of 4.78. The stock has a fifty day moving average price of $8.74 and a 200 day moving average price of $6.94.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Cantor Fitzgerald started coverage on shares of Applied Digital in a research report on Friday, December 20th. They set an “overweight” rating and a $15.00 price objective for the company. Craig Hallum upped 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. Roth Mkm reissued a “buy” rating and set a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. HC Wainwright upped their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Lake Street Capital lifted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Digital presently has an average rating of “Buy” and a consensus price target of $11.14.

Insider Buying and Selling

In related news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This trade represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of 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 have sold 279,369 shares of company stock valued at $2,525,561 over the last quarter. 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.