Streetbeat News

APLD

Applied Digital Corporation

https://www.applieddigital.com

Industry

Financial - Capital Markets

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the performance computing industry. The company was formerly known as Applied Blockchain, Inc. and changed its name to Applied Digital Corporation in November 2022. Applied Digital Corporation was incorporated in 2001 and is based in Dallas, Texas.

Open

7.81

Mkt cap

1.6B

Volume

8.5M

High

7.98

P/E Ratio

-6.15

52-wk high

9.48

Low

7.37

Div yield

N/A

52-wk low

2.36

Applied Digital Corporation (NASDAQ:APLD) is set to release its Q3 earnings before the market opens on April 10, 2024. Analysts predict a quarterly loss of 7 cents per share with revenue expected at $51.92 million. The company's shares dropped 8.9% to $2.98 following the announcement of a definitive purchase agreement with Marathon Digital for the acquisition of its Bitcoin mining data center. Analysts from B. Riley Securities, Needham, Lake Street, and Craig-Hallum have provided varied ratings and price targets for APLD.

Portfolio Pulse from Avi Kapoor

April 08, 2024 | 12:03 pm

Applied Digital (NASDAQ:APLD) received 4 analyst ratings in the last three months, all bullish, with a current average price target of $13.25, down 8.62% from the previous $14.50. Analysts from B. Riley Securities and Needham adjusted their price targets, reflecting changes in market conditions and company performance. Applied Digital's financials show a 242.0% revenue growth rate as of November 30, 2023, but a net margin of -24.95% and a debt-to-equity ratio of 1.18, indicating challenges in profitability and a balanced debt management approach.

Portfolio Pulse from Benzinga Insights

April 05, 2024 | 6:00 pm

B. Riley Securities analyst Lucas Pipes maintains a Buy rating on Applied Digital (NASDAQ:APLD) but lowers the price target from $10 to $8.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 5:50 pm

Ulta Beauty, Inc. (ULTA) shares fell by 13.7% following a weak outlook presented at the J.P. Morgan Retail Roundup. Other stocks experienced significant movements, with ARCA biopharma, Inc. (ABIO) and Kintara Therapeutics, Inc. (KTRA) seeing substantial gains due to merger agreements. Vanda Pharmaceuticals Inc. (VNDA) and VivoPower International PLC (VVPR) also saw notable increases. On the downside, Casa Systems, Inc. (CASA) and View, Inc. (VIEW) plummeted after filing for Chapter 11 bankruptcy.

Portfolio Pulse from Avi Kapoor

April 03, 2024 | 5:56 pm

Applied Digital's (NYSE:APLD) short interest has decreased by 12.2% since the last report, with 17.55 million shares sold short, representing 18.13% of its float. This decline in short interest could indicate a more bullish sentiment towards APLD among traders. Compared to its peers, APLD has a significantly higher short interest percentage of float, with an average of 4.94% among its peers.

Portfolio Pulse from Benzinga Insights

March 20, 2024 | 7:30 pm

Needham analyst John Todaro maintains a Buy rating on Applied Digital (NASDAQ:APLD) but lowers the price target from $16 to $13.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 11:17 am

Marathon Digital Holdings, Inc. (MARA) is set to acquire Applied Digital Corporation's (APLD) Bitcoin mining data center in Texas for $87.3 million in cash, aiming to close the deal in Q2 2024. This acquisition is expected to reduce Marathon's cost per coin by about 20% and increase its operational capacity by 100 megawatts. Applied Digital plans to focus on strategic sites in North Dakota and strengthen its balance sheet. Following the news, MARA shares rose by 2.44% to $18.68, and APLD shares increased by 8.5% to $4.59.

Portfolio Pulse from Erica Kollmann

March 15, 2024 | 3:40 pm

Applied Digital has reached an agreement to sell its Garden City Campus to Marathon Digital Holdings for an approximate net purchase price of $87.3 million. This transaction marks a significant financial move for both companies involved.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 12:01 pm

Tech sector stocks are trading lower due to worse-than-expected February inflation data, affecting a wide range of companies.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 7:46 pm

Applied Digital Corporation (APLD) has secured a $75M contract with AI company Together AI, receiving an $18M prepayment. APLD has onboarded one compute cluster of GPUs for Together AI and provided access to a second cluster, featuring H100 GPUs and NVLink technology. This partnership aims to meet the demands of AI and HPC markets, with APLD's infrastructure designed for high-performance computing applications.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 12:11 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.