Applied Digital (NASDAQ:APLD) Trading Up 3.3% Following Analyst Upgrade

Applied Digital Co. (NASDAQ:APLD) shares traded up 3.3% on Wednesday 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 $8.07 and last traded at $7.94. 6,125,205 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 24,238,842 shares. The stock had previously closed at $7.69.

A number of other research firms have also issued reports on APLD. Compass Point started coverage on shares of Applied Digital in a research note on Tuesday, January 28th. They issued a “buy” rating and a $10.00 target price on the stock. HC Wainwright boosted their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Cantor Fitzgerald cut their price target on Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Lake Street Capital raised their price objective 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, Craig Hallum raised 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. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Digital presently has an average rating of “Buy” and an average price target of $12.11.

Insider Transactions at Applied Digital

In other news, CEO Wes Cummins sold 200,000 shares of the firm’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 transaction, 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 is available through this hyperlink. Also, Director Richard N. Nottenburg sold 19,369 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 384,317 shares of the company’s stock, valued at approximately $2,886,220.67. This trade represents a 4.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 289,369 shares of company stock valued at $2,622,461 in the last three months. 11.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Digital

Several institutional investors have recently modified their holdings of APLD. Wilmington Savings Fund Society FSB grew its position in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd bought a new stake in shares of Applied Digital during the 4th quarter worth about $36,000. Spire Wealth Management acquired a new position in Applied Digital in the 4th quarter valued at about $43,000. Amalgamated Bank lifted its position in 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 last quarter. Finally, KBC Group NV bought a new stake in shares of Applied Digital during the fourth quarter worth approximately $55,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Applied Digital Stock Up 3.9 %

The company has a market cap of $1.78 billion, a price-to-earnings ratio of -4.62 and a beta of 4.78. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a 50-day moving average price of $8.73 and a 200 day moving average price of $7.11.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Tuesday, January 14th. The company reported ($0.06) EPS 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 firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. During the same period in the prior year, the firm posted ($0.05) EPS. The company’s revenue for the quarter was up 51.3% on a year-over-year basis. Sell-side analysts predict that Applied Digital Co. will post -0.96 EPS 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.