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

Applied Digital Co. (NASDAQ:APLD)’s share price traded up 3.3% during trading 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 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 equities research analysts have also issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Applied Digital in a research note on Wednesday, January 15th. Roth Mkm reissued a “buy” rating and set a $10.00 price target on shares of Applied Digital in a research note on Thursday, October 10th. Compass Point assumed coverage on Applied Digital in a research note on Tuesday, January 28th. They set a “buy” rating and a $10.00 price target for the company. Craig Hallum raised their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, HC Wainwright raised their price objective on Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Digital presently has a consensus rating of “Buy” and a consensus target price of $12.11.

Insider Activity

In other news, CEO Wes Cummins sold 200,000 shares of the firm’s stock in a transaction 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 $35,658,786. This trade represents a 4.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the sale, the director now directly owns 342,923 shares of the company’s stock, valued at $3,034,868.55. The trade was a 5.51 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 270,000 shares of company stock worth $2,477,000. 11.81% of the stock is currently owned by company insiders.

Institutional Trading of Applied Digital

A number of institutional investors have recently made changes to their positions in APLD. Wilmington Savings Fund Society FSB boosted its position in shares of Applied Digital by 100.0% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock worth $31,000 after purchasing an additional 2,000 shares in the last quarter. R Squared Ltd acquired a new stake in Applied Digital during the 4th quarter worth about $36,000. US Bancorp DE acquired a new stake in Applied Digital during the 4th quarter worth about $37,000. Jones Financial Companies Lllp acquired a new stake in Applied Digital during the 4th quarter worth about $39,000. Finally, Spire Wealth Management acquired a new stake in Applied Digital during the 4th quarter worth about $43,000. Institutional investors and hedge funds own 65.67% of the company’s stock.

Applied Digital Trading Down 2.7 %

The stock has a 50-day simple moving average of $8.66 and a 200 day simple moving average of $7.13. 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 company has a market cap of $1.76 billion, a price-to-earnings ratio of -4.55 and a beta of 4.78.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping 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 company had revenue of $63.87 million during the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter in the previous year, the firm posted ($0.05) EPS. The firm’s revenue was up 51.3% compared to the same quarter last year. As a group, equities research analysts predict that Applied Digital Co. will post -0.96 EPS for the current fiscal year.

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.