Applied Digital (NASDAQ:APLD) Price Target Raised to $10.00

Applied Digital (NASDAQ:APLD) had its target price boosted by equities researchers at HC Wainwright from $5.00 to $10.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 25.79% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. B. Riley boosted their price target on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Roth Mkm reissued a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum boosted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Lake Street Capital boosted their price target on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $10.50.

Applied Digital Price Performance

APLD opened at $7.95 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.08 and a quick ratio of 0.08. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of -10.06 and a beta of 4.56. The firm’s fifty day moving average price is $5.84 and its two-hundred day moving average price is $4.88. Applied Digital has a 1 year low of $2.36 and a 1 year high of $8.78.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million for the quarter, compared to the consensus estimate of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 107.05%. The business’s revenue for the quarter was up 67.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.10) EPS. As a group, analysts anticipate that Applied Digital will post -1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now directly owns 433,686 shares of the company’s stock, valued at $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Douglas S. Miller sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $5.50, for a total transaction of $55,000.00. Following the sale, the director now directly owns 218,506 shares in the company, valued at $1,201,783. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $7.37, for a total value of $589,600.00. Following the sale, the director now owns 433,686 shares in the company, valued at approximately $3,196,265.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently modified their holdings of APLD. Vanguard Group Inc. increased its position in shares of Applied Digital by 70.2% during the first quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock valued at $26,434,000 after buying an additional 2,547,485 shares during the period. Van ECK Associates Corp increased its position in shares of Applied Digital by 92.1% during the first quarter. Van ECK Associates Corp now owns 2,426,281 shares of the company’s stock valued at $10,384,000 after buying an additional 1,163,247 shares during the period. Hood River Capital Management LLC increased its position in shares of Applied Digital by 8.7% during the second quarter. Hood River Capital Management LLC now owns 9,596,231 shares of the company’s stock valued at $57,098,000 after buying an additional 771,699 shares during the period. Alight Capital Management LP bought a new stake in shares of Applied Digital during the second quarter valued at about $3,570,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Applied Digital by 69.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,311,594 shares of the company’s stock valued at $5,614,000 after buying an additional 536,948 shares during the period. 65.67% of the stock is currently owned by institutional investors.

Applied Digital Company Profile

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.