Applied Blockchain, Inc. (OTCMKTS:APLD) Given Brokerage Consensus Recommendation of “Buy”.

by Arthur · August 7, 2022

Shares of Applied Blockchain, Inc. (OTCMKTS:APLD – Get Rating) have earned a consensus recommendation of “Buy” from the six analysts that are currently covering the stock, Marketbeat reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have updated coverage on the stock in the last year is $8.17.

A number of equities research analysts recently commented on APLD shares. Craig Hallum assumed coverage on Applied Blockchain in a research report on Monday, May 23rd. They set a “buy” rating and a $10.00 price target on the stock. Northland Securities began coverage on Applied Blockchain in a research note on Monday, May 9th. They issued an “outperform” rating and a $7.50 price target on the stock. B. Riley initiated coverage on Applied Blockchain in a research note on Monday, May 9th. They issued a “buy” rating and a $10.00 price target on the stock. Needham & Company LLC initiated coverage on Applied Blockchain in a research note on Monday, May 9th. They issued a “buy” rating and a $5.50 price target on the stock. Finally, Lake Street Capital assumed coverage on Applied Blockchain in a research note on Monday, May 9th. They issued a “buy” rating and a $10.00 price target on the stock.

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Insiders place their bets

In other news, CEO Wes Cummins purchased 11,030 shares of the firm’s stock in a transaction that occurred on Thursday, May 19th. The shares were acquired at an average price of $2.95 per share, with a total value of $32,538.50. Following the completion of the purchase, the chief executive officer now directly owns 391,472 shares of the company’s stock, valued at approximately $1,154,842.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Applied Blockchain news, Director Virginia Moore acquired 50,000 shares of Applied Blockchain stock in a transaction that occurred on Tuesday, May 17th. The shares were purchased at an average price of $2.29 per share, with a total value of $114,500.00. Following the completion of the purchase, the director now directly owns 267,617 shares in the company, valued at approximately $612,842.93. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wes Cummins acquired 11,030 shares of Applied Blockchain stock in a transaction that occurred on Thursday, May 19th. The stock was bought at an average price of $2.95 per share, for a total transaction of $32,538.50. Following the purchase, the chief executive officer now owns 391,472 shares of the company’s stock, valued at $1,154,842.40. The disclosure for this purchase can be found here. Insiders purchased 544,955 shares of company stock valued at $1,685,964 over the last three months. Insiders own 27.46% of the company’s shares.

Hedge funds weigh in on applied blockchain

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Several institutional investors have recently made changes to their positions in APLD. Advisory Services Network LLC bought a new stake in Applied Blockchain in the 2nd quarter worth about $26,000. Granite Point Capital Management LP bought a new stake in Applied Blockchain in the 2nd quarter worth about $1,545,000. Finally, Equitec Proprietary Markets LLC bought a new stake in Applied Blockchain in the 2nd quarter worth about $1,670,000. Institutional investors and hedge funds own 2.65% of the company’s shares.

Applied Blockchain Stock Performance

Shares of OTCMKTS APLD opened at $2.03 on Friday. The stock’s fifty day simple moving average is $1.98 and its 200 day simple moving average is $7.18. Applied Blockchain has a 52-week low of $0.85 and a 52-week high of $34.20.

Applied Blockchain (OTCMKTS:APLD – Get Rating ) last announced its quarterly earnings results on Friday, the 13th. May. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $1.03 million for the quarter, compared to analyst estimates of $0.98 million. analysts forecast that Applied Blockchain will post -0.61 EPS for the current year.

Applied Blockchain Company Profile

(Get rating)

Applied Blockchain, Inc engages in crypto mining and co-hosting operations. The company was formerly known as Applied Science Products, Inc and changed its name to Applied Blockchain, Inc in April 2021. The company is based in Dallas, Texas.

This instant news alert was generated by narrative science technology and financial data from MarketBeat to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial staff prior to publication. Please send any questions or comments about this story to [email protected].

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