Applied Digital (NASDAQ:APLD) Trading Up 2.2% Following Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD) rose 2.2% during trading on Tuesday after Northland Securities raised their price target on the stock from $12.00 to $20.00. Northland Securities currently has an outperform rating on the stock. Applied Digital traded as high as $7.65 and last traded at $7.51. Approximately 8,326,866 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 24,148,041 shares. The stock had previously closed at $7.35.

A number of other research firms also recently issued reports on APLD. Roth Mkm restated a “buy” rating and issued a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Lake Street Capital boosted their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Cantor Fitzgerald decreased their price target on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Compass Point initiated coverage on Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $12.11.

Insiders Place Their Bets

In related news, 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 transaction of $1,840,000.00. Following the transaction, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. This represents a 4.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares of the company’s stock, valued at approximately $3,034,868.55. The trade was a 5.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 270,000 shares of company stock valued at $2,477,000 in the last three months. Corporate insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Hedge funds have recently bought and sold shares of the business. Vontobel Holding Ltd. boosted its stake in shares of Applied Digital by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 16,735 shares of the company’s stock valued at $128,000 after purchasing an additional 1,500 shares during the period. Nisa Investment Advisors LLC lifted its holdings in Applied Digital by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,774 shares of the company’s stock valued at $90,000 after buying an additional 1,692 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after buying an additional 2,000 shares during the period. Wellington Management Group LLP grew its stake in Applied Digital by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 37,411 shares of the company’s stock worth $309,000 after acquiring an additional 3,040 shares in the last quarter. Finally, Amalgamated Bank increased its position in shares of Applied Digital by 113.3% during the fourth quarter. Amalgamated Bank now owns 6,538 shares of the company’s stock worth $50,000 after acquiring an additional 3,473 shares during the period. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Up 5.3 %

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock has a market cap of $1.81 billion, a P/E ratio of -4.68 and a beta of 4.78. The company’s 50 day moving average price is $8.69 and its two-hundred day moving average price is $7.13.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Tuesday, January 14th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million during the quarter, compared to analyst estimates of $62.41 million. During the same period in the previous year, the company posted ($0.05) EPS. Applied Digital’s revenue was up 51.3% on a year-over-year basis. As a group, research analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current year.

About Applied Digital

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.