Applied Digital (NASDAQ:APLD – Free Report) had its price target reduced by Cantor Fitzgerald from $15.00 to $14.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.
Several other equities analysts also recently issued reports on APLD. HC Wainwright lifted their price objective on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Craig Hallum upped their price target on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Applied Digital in a research report on Wednesday. Lake Street Capital boosted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $11.29.
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Applied Digital Price Performance
Applied Digital (NASDAQ:APLD – Get Free Report) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The firm had revenue of $63.87 million during the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm’s quarterly revenue was up 51.3% on a year-over-year basis. During the same period last year, the firm posted ($0.05) EPS. On average, sell-side analysts forecast that Applied Digital will post -0.4 EPS for the current fiscal year.
Insider Activity
In related news, Director Richard N. Nottenburg sold 19,369 shares of Applied Digital stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $7.51, for a total transaction of $145,461.19. Following the completion of the sale, the director now directly owns 384,317 shares of the company’s stock, valued at $2,886,220.67. The trade was a 4.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Wes Cummins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at $35,658,786. This represents a 4.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 269,369 shares of company stock valued at $2,445,461. 11.81% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of APLD. Hood River Capital Management LLC increased its stake in Applied Digital by 8.7% in 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 purchasing an additional 771,699 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Applied Digital by 48.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after buying an additional 1,002,862 shares during the period. State Street Corp increased its position in shares of Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock valued at $19,282,000 after buying an additional 286,852 shares in the last quarter. Royce & Associates LP raised its stake in Applied Digital by 1.4% during the 3rd quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock worth $9,340,000 after buying an additional 15,763 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Applied Digital by 36.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 899,293 shares of the company’s stock worth $7,419,000 after acquiring an additional 240,554 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.
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.
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