Cantor Fitzgerald Lowers Applied Digital (NASDAQ:APLD) Price Target to $14.00

Applied Digital (NASDAQ:APLD) had its price target lowered by equities researchers at Cantor Fitzgerald from $15.00 to $14.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 55.90% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Applied Digital in a research report on Wednesday. Craig Hallum upped their target price 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 lifted their price target on Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Applied Digital in a research note on Thursday, October 10th. Finally, HC Wainwright lifted their target price on Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $11.29.

Applied Digital Stock Up 7.3 %

Shares of NASDAQ APLD opened at $8.98 on Wednesday. The stock has a 50 day moving average price of $8.79 and a 200 day moving average price of $6.96. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of -7.68 and a beta of 4.78. Applied Digital has a 52-week low of $2.36 and a 52-week high of $11.25. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.22 and a current ratio of 0.22.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. The firm had revenue of $63.87 million for the quarter, compared to analyst estimates of $62.41 million. Applied Digital had a negative return on equity of 88.87% and a negative net margin of 74.95%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.05) earnings per share. Sell-side analysts expect that Applied Digital will post -0.4 earnings per share for the current year.

Insider Activity

In other Applied Digital news, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,875,955 shares in the company, valued at approximately $35,658,786. The trade was a 4.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Richard N. Nottenburg sold 19,369 shares of the stock in a transaction 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 completion of the sale, the director now owns 384,317 shares in the company, 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. Insiders have sold 269,369 shares of company stock valued at $2,445,461 over the last ninety days. 11.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Digital

Hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Applied Digital during the 3rd quarter valued at about $59,000. Beacon Harbor Wealth Advisors Inc. acquired a new stake in Applied Digital during the third quarter worth about $83,000. Gunderson Capital Management Inc. purchased a new position in Applied Digital during the fourth quarter valued at approximately $83,000. Wealth Enhancement Advisory Services LLC acquired a new position in Applied Digital in the third quarter valued at approximately $88,000. Finally, Chesapeake Capital Corp IL purchased a new stake in Applied Digital in the 3rd quarter worth approximately $94,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

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.