Applied Digital (NASDAQ:APLD) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of Applied Digital (NASDAQ:APLD) in a report issued on Friday morning, MarketBeat reports. The brokerage issued an overweight rating and a $15.00 target price on the stock.

Other equities analysts have also recently issued research reports about the company. Lake Street Capital lifted their price target on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research note on Friday, November 1st. HC Wainwright increased their price target on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. B. Riley lifted their price objective on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Craig Hallum increased their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $11.14.

Applied Digital Trading Down 0.5 %

Shares of Applied Digital stock opened at $8.01 on Friday. The stock has a market cap of $1.69 billion, a P/E ratio of -6.85 and a beta of 4.67. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.62. Applied Digital has a 12-month low of $2.36 and a 12-month high of $11.25. The business’s 50 day moving average is $8.47 and its 200-day moving average is $6.55.

Applied Digital (NASDAQ:APLD) last posted its quarterly earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The firm had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. During the same period in the prior year, the firm posted ($0.10) earnings per share. The company’s quarterly revenue was up 67.2% compared to the same quarter last year. Equities research analysts predict that Applied Digital will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total value of $460,000.00. Following the completion of the transaction, the director now directly owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This represents a 13.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 359,369 shares of company stock valued at $3,115,161. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Several large investors have recently modified their holdings of APLD. Hood River Capital Management LLC lifted its position in 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 worth $57,098,000 after purchasing an additional 771,699 shares during the period. Geode Capital Management LLC raised its position 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 in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Applied Digital by 18.3% during the 2nd quarter. Van ECK Associates Corp now owns 2,869,980 shares of the company’s stock worth $17,077,000 after acquiring an additional 443,699 shares during the period. State Street Corp boosted its position in shares of Applied Digital by 14.0% during the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after acquiring an additional 286,852 shares in the last quarter. Finally, Royce & Associates LP increased its stake in Applied Digital by 1.4% in the third quarter. Royce & Associates LP now owns 1,132,140 shares of the company’s stock valued at $9,340,000 after acquiring an additional 15,763 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.

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.