Applied Digital (NASDAQ:APLD) Shares Up 2.2% on Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD) shot up 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. 8,326,866 shares were traded during trading, a decline of 66% from the average session volume of 24,148,041 shares. The stock had previously closed at $7.35.

A number of other research firms also recently commented on APLD. 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. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. Craig Hallum upped their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Lake Street Capital increased their price objective on shares of Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald reduced their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $12.11.

Insider Activity at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of Applied Digital 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 approximately $35,658,786. This trade represents a 4.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Nottenburg sold 50,000 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 $460,000.00. Following the completion of the sale, the director now directly owns 334,317 shares in the company, valued at approximately $3,075,716.40. The trade was a 13.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 289,369 shares of company stock valued at $2,622,461. Insiders own 11.81% of the company’s stock.

Institutional Investors Weigh In On Applied Digital

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp raised its holdings in Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock worth $33,649,000 after purchasing an additional 2,344,572 shares during the period. Geode Capital Management LLC grew its stake in Applied Digital by 48.7% in the third quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock valued at $25,258,000 after purchasing an additional 1,002,862 shares in the last quarter. State Street Corp increased its holdings in Applied Digital by 14.0% during the third quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after buying an additional 286,852 shares during the last quarter. Royce & Associates LP raised 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 buying an additional 15,763 shares during the period. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Applied Digital by 37.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,002,090 shares of the company’s stock valued at $7,656,000 after purchasing an additional 273,666 shares during the last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Up 2.4 %

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 business has a fifty day moving average price of $8.80 and a 200-day moving average price of $7.10. The company has a market cap of $1.68 billion, a P/E ratio of -4.35 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) earnings per share. On average, analysts forecast 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.