Applied Digital (NASDAQ:APLD) Shares Up 2.3% Following Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD) shares shot up 2.3% during trading on Friday after Lake Street Capital raised their price target on the stock from $7.00 to $11.00. Lake Street Capital currently has a buy rating on the stock. Applied Digital traded as high as $7.18 and last traded at $7.05. 2,670,107 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 6,632,921 shares. The stock had previously closed at $6.89.

Several other research analysts have also commented on APLD. Craig Hallum lifted their target price on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday. HC Wainwright restated a “buy” rating and set a $5.00 price objective on shares of Applied Digital in a research report on Thursday, August 29th. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research report on Thursday. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Applied Digital in a research report on Thursday. Finally, B. Riley boosted their price objective on Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital presently has a consensus rating of “Buy” and an average target price of $9.67.

Insider Buying and Selling at Applied Digital

In other Applied Digital news, Director Douglas S. Miller sold 10,000 shares of Applied Digital stock in a transaction on 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 owns 218,506 shares of the company’s stock, valued at $1,201,783. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 20.50% of the stock is owned by company insiders.

Institutional Trading of Applied Digital

Several hedge funds have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. raised its stake in shares of Applied Digital by 66.1% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 774,655 shares of the company’s stock worth $4,609,000 after buying an additional 308,223 shares in the last quarter. Alight Capital Management LP bought a new stake in shares of Applied Digital in the 2nd quarter worth $3,570,000. Marshall Wace LLP bought a new stake in shares of Applied Digital in the 2nd quarter worth $720,000. Woodmont Investment Counsel LLC raised its stake in shares of Applied Digital by 4.2% in the 1st quarter. Woodmont Investment Counsel LLC now owns 250,319 shares of the company’s stock worth $1,071,000 after buying an additional 10,149 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Applied Digital by 70.2% in the 1st quarter. Vanguard Group Inc. now owns 6,176,073 shares of the company’s stock worth $26,434,000 after buying an additional 2,547,485 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Stock Up 5.7 %

The business has a 50-day moving average price of $5.54 and a 200-day moving average price of $4.79. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -6.22 and a beta of 4.56. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 1.14.

Applied Digital (NASDAQ:APLD) last announced its earnings results 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 company had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative return on equity of 107.05% and a negative net margin of 74.95%. Applied Digital’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) earnings per share. As a group, equities analysts anticipate that Applied Digital Co. will post -1.12 earnings per share for the current fiscal year.

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.