Applied Digital (NASDAQ:APLD) Shares Up 3.3% After Analyst Upgrade

Shares of Applied Digital Co. (NASDAQ:APLD) 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 changed 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.

Other analysts have also recently issued reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Applied Digital in a research note on Wednesday, January 15th. Lake Street Capital upped their target price on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HC Wainwright raised their price target on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Cantor Fitzgerald dropped their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, Craig Hallum raised their target price 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $12.11.

Insider Activity at Applied Digital

In related news, CEO Wes Cummins sold 200,000 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total value of $1,840,000.00. Following the completion of the transaction, the chief executive officer now owns 3,875,955 shares of the company’s stock, valued at approximately $35,658,786. This represents a 4.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 19,369 shares of the firm’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 $2,886,220.67. The trade was a 4.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 289,369 shares of company stock worth $2,622,461. 11.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Digital

Hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its holdings in shares of Applied Digital by 113.8% in the fourth quarter. Van ECK Associates Corp now owns 4,404,313 shares of the company’s stock valued at $33,649,000 after acquiring an additional 2,344,572 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Applied Digital by 48.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,061,160 shares of the company’s stock worth $25,258,000 after acquiring an additional 1,002,862 shares in the last quarter. Barclays PLC grew its holdings in shares of Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock worth $4,014,000 after acquiring an additional 428,428 shares during the last quarter. Wolverine Asset Management LLC acquired a new stake in shares of Applied Digital during the fourth quarter worth $3,056,000. Finally, State Street Corp increased its stake in Applied Digital by 14.0% in the 3rd quarter. State Street Corp now owns 2,337,267 shares of the company’s stock worth $19,282,000 after purchasing an additional 286,852 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

Applied Digital Trading Up 3.9 %

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The stock 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 fifty day simple moving average of $8.73 and a 200-day simple moving average of $7.11.

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