Cantor Fitzgerald Initiates Coverage on Applied Digital (NASDAQ:APLD)

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

A number of other brokerages have also weighed in on APLD. Lake Street Capital boosted their price objective on Applied Digital from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Applied Digital in a report on Thursday, October 10th. B. Riley boosted their target price on shares of Applied Digital from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Craig Hallum upped their price target 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. Finally, Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Applied Digital in a report on Friday, November 1st. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Digital presently has an average rating of “Buy” and a consensus target price of $11.14.

Applied Digital Trading Down 0.5 %

APLD opened at $8.01 on Friday. The company’s 50 day moving average is $8.47 and its 200-day moving average is $6.55. Applied Digital has a 1-year low of $2.36 and a 1-year high of $11.25. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.62. The company has a market cap of $1.69 billion, a P/E ratio of -6.85 and a beta of 4.67.

Applied Digital (NASDAQ:APLD) last issued its earnings results on Wednesday, October 9th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $60.70 million for the quarter, compared to analyst estimates of $54.85 million. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company’s quarterly revenue was up 67.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.10) earnings per share. 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, Director Richard N. Nottenburg sold 80,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $7.37, for a total transaction of $589,600.00. Following the sale, the director now owns 433,686 shares in the company, valued at $3,196,265.82. This represents a 15.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $1,840,000.00. Following the completion of the sale, the chief executive officer now owns 3,875,955 shares of the company’s stock, 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. In the last 90 days, insiders have sold 359,369 shares of company stock worth $3,115,161. Company insiders own 11.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC grew its holdings in Applied Digital by 381.8% in the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after purchasing an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Applied Digital during the 3rd quarter worth about $59,000. Beacon Harbor Wealth Advisors Inc. acquired a new stake in shares of Applied Digital in the 3rd quarter valued at about $83,000. Wealth Enhancement Advisory Services LLC bought a new stake in Applied Digital in the 3rd quarter valued at about $88,000. Finally, Chesapeake Capital Corp IL acquired a new position in Applied Digital during the 3rd quarter worth approximately $94,000. Institutional investors and hedge funds 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.