Northland Capmk Analysts Reduce Earnings Estimates for Applied Digital Co. (OTCMKTS:APLD)

Posted by Defense World Staff on Apr 12th, 2023

Applied Digital Co. (OTCMKTS:APLD – Get Rating) – Analysts at Northland Capmk reduced their Q2 2024 earnings estimates for shares of Applied Digital in a note issued to investors on Monday, April 10th. Northland Capmk analyst M. Grondahl now expects that the company will earn $0.02 per share for the quarter, down from their previous estimate of $0.04. The consensus estimate for Applied Digital’s current full-year earnings is ($0.39) per share. Northland Capmk also issued estimates for Applied Digital’s Q3 2024 earnings at $0.04 EPS, Q4 2024 earnings at $0.06 EPS and FY2024 earnings at $0.09 EPS.

Applied Digital (OTCMKTS:APLD – Get Rating) last released its earnings results on Monday, January 9th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm had revenue of $12.34 million for the quarter, compared to analysts’ expectations of $12.36 million. Applied Digital had a negative net margin of 100.29% and a negative return on equity of 16.32%.

Several other research analysts have also issued reports on APLD. HC Wainwright started coverage on shares of Applied Digital in a research report on Thursday, December 22nd. They issued a “buy” rating and a $4.00 price target on the stock. Needham & Company LLC decreased their target price on Applied Digital from $5.50 to $3.70 and set a “buy” rating on the stock in a report on Friday, January 13th. Finally, B. Riley cut their target price on Applied Digital from $8.00 to $7.00 in a research report on Tuesday, January 10th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $6.31.

Applied Digital Price Performance

Shares of OTCMKTS:APLD opened at $3.03 on Tuesday. The stock’s 50 day moving average price is $2.57 and its 200 day moving average price is $2.22. Applied Digital has a 12 month low of $0.85 and a 12 month high of $13.20. The stock has a market cap of $286.24 million, a price-to-earnings ratio of -6.59 and a beta of 4.85. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently added to or reduced their stakes in APLD. Amalgamated Bank grew its holdings in Applied Digital by 65.4% during the 4th quarter. Amalgamated Bank now owns 14,414 shares of the company’s stock worth $27,000 after acquiring an additional 5,697 shares during the period. Alliancebernstein L.P. grew its stake in shares of Applied Digital by 3.8% during the fourth quarter. Alliancebernstein L.P. now owns 158,600 shares of the company’s stock worth $292,000 after purchasing an additional 5,800 shares during the period. Fuller & Thaler Asset Management Inc. grew its stake in shares of Applied Digital by 1.3% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 560,225 shares of the company’s stock worth $1,031,000 after purchasing an additional 7,000 shares during the period. Vanguard Group Inc. increased its holdings in Applied Digital by 25.6% in the third quarter. Vanguard Group Inc. now owns 36,112 shares of the company’s stock valued at $61,000 after purchasing an additional 7,353 shares during the last quarter. Finally, Virtu Financial LLC lifted its stake in Applied Digital by 89.4% in the third 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 own 48.42% of the company’s stock.

Insider Activity

In other Applied Digital news, CEO Wes Cummins purchased 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 12th. The shares were acquired at an average cost of $2.17 per share, for a total transaction of $108,500.00. Following the transaction, the chief executive officer now directly owns 1,475,686 shares in the company, valued at $3,202,238.62. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Wes Cummins acquired 50,000 shares of the firm’s stock in a transaction on Thursday, January 12th. The shares were purchased at an average price of $2.17 per share, with a total value of $108,500.00. Following the acquisition, the chief executive officer now directly owns 1,475,686 shares in the company, valued at $3,202,238.62. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Chuck Hastings acquired 10,000 shares of the stock in a transaction on Monday, February 27th. The stock was bought at an average price of $2.59 per share, with a total value of $25,900.00. Following the transaction, the director now directly owns 464,500 shares in the company, valued at approximately $1,203,055. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 310,000 shares of company stock worth $817,400. Corporate insiders own 28.90% of the company’s stock.

About Applied Digital

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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.