Applied Digital (NASDAQ:APLD) Stock Price Expected to Rise, Northland Securities Analyst Says

Applied Digital (NASDAQ:APLD) had its target price lifted by Northland Securities from $12.00 to $20.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Northland Securities’ target price points to a potential upside of 172.11% from the stock’s current price.

APLD has been the subject of a number of other reports. Cantor Fitzgerald cut their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Craig Hallum lifted their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Compass Point began coverage on shares of Applied Digital in a report on Tuesday, January 28th. They set a “buy” rating and a $10.00 price objective for the company. Lake Street Capital lifted their target price on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $12.11.

Applied Digital Stock Performance

APLD opened at $7.35 on Tuesday. The firm has a market cap of $1.64 billion, a P/E ratio of -4.25 and a beta of 4.78. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.25. The company has a 50 day simple moving average of $8.80 and a two-hundred day simple moving average of $7.10. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.77 and a quick ratio of 0.77.

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

Insider Activity

In other Applied Digital news, Director Richard N. Nottenburg sold 50,000 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 $460,000.00. Following the completion of the sale, the director now owns 334,317 shares of the company’s stock, valued at $3,075,716.40. This trade represents a 13.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 289,369 shares of company stock valued at $2,622,461 in the last ninety days. Insiders own 11.81% of the company’s stock.

Hedge Funds Weigh In On Applied Digital

Several hedge funds have recently bought and sold shares of APLD. Van ECK Associates Corp lifted its position in shares of Applied Digital by 113.8% during 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 last quarter. Geode Capital Management LLC lifted its holdings in Applied Digital by 48.7% during 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. Barclays PLC boosted its position in Applied Digital by 736.8% in the 3rd quarter. Barclays PLC now owns 486,577 shares of the company’s stock valued at $4,014,000 after buying an additional 428,428 shares during the period. Wolverine Asset Management LLC purchased a new stake in Applied Digital in the 4th quarter valued at about $3,056,000. Finally, State Street Corp grew 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 acquiring an additional 286,852 shares in the last quarter. Institutional investors own 65.67% of the company’s stock.

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.