Applied Blockchain, Inc. (OTCMKTS:APLD) Receives Consensus Rating of “Buy” from Analysts

November 6, 2022 R2S 0 Comments

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Applied Blockchain, Inc. (OTCMKTS:APLD – Get Rating) has received a consensus recommendation of “Buy” from the six research firms that are presently covering the firm, Marketbeat reports. Five analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $7.50.

Separately, Lake Street Capital lowered their price target on Applied Blockchain from $10.00 to $6.00 in a research note on Wednesday, October 12th.

Insider Buying and Selling

In other news, CEO Wes Cummins bought 20,000 shares of Applied Blockchain stock in a transaction that occurred on Monday, October 24th. The stock was purchased at an average cost of $2.04 per share, with a total value of $40,800.00. Following the completion of the transaction, the chief executive officer now directly owns 890,686 shares in the company, valued at $1,816,999.44. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought a total of 143,490 shares of company stock valued at $306,704 over the last ninety days. 28.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Equitec Proprietary Markets LLC acquired a new position in Applied Blockchain during the second quarter worth $1,670,000. Northern Trust Corp acquired a new stake in shares of Applied Blockchain in the second quarter valued at $47,000. Renaissance Technologies LLC acquired a new stake in shares of Applied Blockchain in the second quarter valued at $30,000. Van ECK Associates Corp increased its stake in shares of Applied Blockchain by 3,298.8% in the third quarter. Van ECK Associates Corp now owns 698,253 shares of the company’s stock valued at $1,187,000 after buying an additional 677,709 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new stake in shares of Applied Blockchain in the second quarter valued at $621,000. 42.14% of the stock is currently owned by institutional investors and hedge funds.

Applied Blockchain Stock Performance

OTCMKTS:APLD opened at $2.41 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.23. Applied Blockchain has a fifty-two week low of $0.85 and a fifty-two week high of $30.00. The stock’s 50-day moving average is $2.00 and its two-hundred day moving average is $2.25.

Applied Blockchain (OTCMKTS:APLD – Get Rating) last announced its quarterly earnings results on Thursday, August 25th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.22. The firm had revenue of $7.50 million during the quarter, compared to the consensus estimate of $7.00 million. Sell-side analysts anticipate that Applied Blockchain will post -0.09 earnings per share for the current year.

About Applied Blockchain

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Applied Blockchain, Inc 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 Science Products, Inc and changed its name to Applied Blockchain, Inc in April 2021.

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